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![At the start of October, the 1,000th digital mortgage deed was registered with HM Land Registry (HMLR) with many heralding the accolade as promoting the property sector’s digital future. HMLR claim that the digital process, which is currently restricted to remortgaging, is speeding up the process, making it a lot more convenient and efficient for consumers. Some customers have boasted 3-day turnaround times on their remortgaging completions, shattering the average 18 days it takes to finalize the paper process. In part, reduced delays are avoided because paperwork trails are minimized with the portal system able to track the journey, highlighting any outstanding work and reminding key stakeholders of their obligations in the process. Furthermore, the online process allows for work to be completed at any point in the day and is not slowed by the postal service; offering instantaneous communication for all stakeholders. However, some people view this service as dangerous and a potential harbinger of online threats and increased property fraud with some viewing the system as a ‘fraudsters charter,’ offering information to potential criminals. In fact, recent data suggests HMLR are becoming a lot more adept at preventing fraudulent applications before they are completing. During the financial year 2017/18, 25 fraudulent applications were stopped, protecting property worth £15,684,000. However, between 2018/19, 47 properties were saved from criminal clutches by HMLR, according to recent freedom of information data. The number of indemnity claims made for fraud and forgery have also declined from 26 in 2017/18 to 18 in 2018/19, with payments also declining from £2.6 million to £0.4 million. Others also suggest it could be used to the detriment of vulnerable homeowners or occupiers, citing the Royal Bank of Scotland PLC V Etridge (No. 2) [2002] UKHL 44 case which found eight cases of undue influence between married couples where homeowners mortgaged their properties to secure loans used by the husbands to help support their businesses. The court found that lenders are obliged to make sure all parties obtain independent legal advice if the remortgage or loan will only benefit one person and concerns the matrimonial home with some anxious that the digital system could be manipulated to circumvent past laws. As HMLR look to roll out the digital mortgage process to all areas of mortgaging in the near-future, insurances of a robust safeguarding protocol is vital to protect all stakeholders from property fraud. Peter Frost, Chief Operating Officer at Coventry Building Society, said: “We’re delighted that this industry leading initiative to speed up property transactions has reached such a fantastic milestone. “Feedback from remortgagors has been very positive, with customers finding the process simple, quick and secure. “We’re proud to have worked with HM Land Registry and Enact Conveyancing on this initiative and are excited about the potential for it to be extended to purchases in the future.” Is the digital process vital to ensuring a customer-centric, efficient and swift mortgage process? Or, does it present a heightened level of cyber risk?](https://todaysconveyancer.co.uk/wp-content/uploads/2019/10/Digitisation-Of-The-Mortgage-Process-Increasingly-Appealing-To-Consumer-2-300x175.jpg)
