My honourable friend the Minister of State (Michael Wills) has made the following Ministerial Statement.
On Friday 10 August 2007, Land Registry will launch a formal consultation exercise to seek views on proposals to create electronic legal charges (a form of mortgage) and other services that it proposes to make available on the Land Registry network during 2008.
Proposed new land registration rules would, among other things, prescribe an electronic charge as the first kind of electronic disposition of registered land in England and Wales. Once an electronic legal charge has been created, a customer will be able to apply, using the Land Registry network, for it to be registered.
It is proposed that the Land Registry network will also be used to provide an enlarged and enhanced electronic lodgement service in respect of applications for certain entries in the register and an enhanced chain matrix, an information tool that allows conveyancers and others to view the status of linked conveyancing transactions.
Subject to the outcome of the proposals and the advice and assistance of the Rule Committee, it is anticipated that the new rules would come into force during 2008.