Client
HM Land Registry (HMLR) is a government agency in the UK that maintains and updated records of land ownership and property transactions.
The agency maintains a publicly accessible register of all land and property in England and Wales, including information on ownership, mortgages, and other legal charges, and rights of way.
Issue
Transfer of property ownership from seller to buyer is known to be an incredibly costly and time-consuming process. With little to no innovation to the end-to-end process over the years, the experience is often clunky, and slowed down by a lack of clear and current information. There is also no standardisation for the multiple parties involved.
Action
MDRxTech partnered with HMLR’s Digital Street to design a prototype to modernise and digitise the land transfer process. This included:
- A top-down strategic review of HMLR, including interviewing key team members to understand the current transactional landscape
- The end-to-end process mapped, including current timelines for transactions and key friction points
- Built a DLT prototype on Corda, using a simplified number of transaction nodes that facilitated an enhanced version of the conveyancing process.
Impact
- A first: This project ran the UK’s first-ever digital transfer of a property
- Increased efficiency and transparency: The exact same transaction which had taken 22-weeks to complete (on an initial estimate of only six weeks), ran through the newly architected conveyancing process in less than 10 minutes.
