New digital identity scheme for property transactions:
Posted on 18th January 2022
Our conveyancing solicitors discuss the new identification scheme that could imrpove the conveyancing process for buyers and sellers.
A new trial is currently taking place across the UK which is set to reduce property fraud in residential conveyancing. Known as the MyIdentity scheme, it will allow home sellers and buyers to only prove their identity once throughout the process, rather than being asked for their identity proof repeatedly from all parties, form the mortgage lenders, to their conveyancing solicitors, to the estate agents.
What is the MyIdentity scheme?
The is a service that is looking to bring together 5 different identity providers to one platform, so that all property buyers and sellers can simply verify their identity one time, and this can stand throughout the entire conveyancing process. With clients being asked to share their personal details only once, it is hoped that the scheme will significantly reduce the risk of residential property fraud.
Our conveyancing solicitor welcome these changes, and share in the hopes that the MyIdentity scheme will reduce incidents of fraud. It is also a welcome change for conveyancing solicitors up and down the country, who were otherwise liable in cases of missed identity fraud under the 2018 Dreamvar v Mishcon de Reya decision, both the buyer’s solicitors as well seller’s solicitors.
Where is the MyIdentity scheme trial taking place?
The pilot for the scheme is taking place across eleven UK locations including Harrogate and York in North-West, and the scheme will take place until 22nd August. Housing minister Christopher Pincher said of the scheme that ‘buyers and sellers are confused and frustrated by the current process where they have their identity checked multiple times… and ‘A single check which can be relied upon by multiple parties will help us to deliver a modernised and better home buying experience.”
Our conveyancing solicitors in Preston are keeping a close eye on the pilot MyIdentity scheme, and are eager to hear the feedback and subsequent action once the pilot for the scheme is over. If you are looking for a reliable, friendly conveyancing solicitor to guide you through the conveyancing process step-by-step, and who will be on-hand at any time to answer any questions or concerns that you might have, then look no further than MG Legal’s conveyancing solicitors. If you have any questions about how our conveyancing solicitors work, about buying a house, or about how our conveyancing solicitors can help with your house purchase, do not hesitate to contact us online here, or email us at email@example.com, and hear back from a conveyancing solicitor within one working hour.
Or to learn more about our clear, fixed fee rates for buying a house, or any other conveyancing matter, see this here.
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