Fasttrac first through the e-door
Fasttrac Solicitors, a legal services provider to the lending market, has processed the first fully electronically lodged registration of a new charge and receipt of Title Information Document (TID), using the electronic document registration service via the Land Registry Business Gateway (LRBG) on behalf of Coventry Building Society.
Fasttrac was one of only three firms involved in the live electronic document registration service pilot.
The firm has a long association with Land Registry electronic conveyancing initiatives, due to its advanced online document process handling solutions for borrowers.
It lodged the first prototype e-charge on behalf of Coventry Building Society in 2009, and was the first firm to connect to the Land Registry Business Gateway.
Jonathan Stokes, director of Fasttrac, commented: “It was a significant milestone for Fasttrac to be the first to electronically lodge a new charge, and then receive back the first fully electronic TID, via the Business Gateway. The final stages of the project have gone well, and we are delighted to have been so fully involved.
“We applaud the Land Registry for further enhancing the Business Gateway, because the benefits for conveyancers, lenders and borrowers are tangible in terms of speed and convenience for borrowers as well as efficiency risk management for lenders."
Paul Chambers, product strategy team lead at the Land Registry, said: "The new electronic document registration service will allow customers to lodge applications online which are currently submitted on paper. After listening to what our customers want we have developed a service which is reliable, quicker and more cost effective.
"Fasttrac has been working on this with us since the very beginning and played a key role in developing the final solution. By working in partnership with our customers we can build services which reduce the impact to their processes and the relationship with their clients.
“Our aim is to introduce the new service to other Business Gateway customers from September 2012. We also plan to launch the new service via our online portal channel by December 2012.”
Coventry Building Society
Shelley Rodway, relationship manager for Coventry Building Society, added: "The Coventry was delighted to hear of Fasttrac’s most recent electronic document registration service achievement with the Land Registry.
“It further demonstrates Fasttrac's commitment in focusing on both lenders and their customers’ needs for the future. It is credit to the whole of the Fasttrac team that this has been achieved ahead of any other conveyancing firm."