The Bank of England is working alongside HM Land Registry and the Bank of International Settlements and Coadjute to streamline and remove the risk of fraud from settlements. The property transaction process can put people at risk of fraud.
Buyers and sellers may experience delays in releasing the keys or for sales to go through because of the complex transaction process.
To deal with this, the Bank of England has introduced ‘Project Meridian,’ a digital synchronised settlement prototype, aiming to fully digitise property transactions. Conveyancers can utilise the service and send instructions which reserve funds. Funds are then moved, and instructions would be sent immediately to HM Land Registry to update the register.
This will be advantageous for business and consumers as it will make the property transaction process easier and safer by removing the need to exchange paper-based documents and reducing delays.
The information in this post is valid to the best of our knowledge on the date of posting. It is advised that you seek independent advice based on your individual circumstances.
T +44 (0)203 488 1488