Videosign has welcomed new guidance from the Land Registry reinforcing the validity of digital signing for property transactions.
New guidance issued last week confirmed the signature types accepted for use by the conveyancing industry, including witnessed electronic signatures.
The development was welcomed by Steven Tallant, Chief Executive of digital contracting software developer Videosign.
He said: “Changes to the way we live and work in the last 18 months mean the use of electronic signatures is at an all-time high, and this new guidance offers important clarity for the conveyancing industry.
“But insecure electronic signatures can be open to abuse and lead to later legal disputes, so it is vital that all parties have confidence that documents will stand up to scrutiny and can be properly authenticated.
“Our mission is to make electronic signatures as secure and useable as possible, and our platform is constantly evolving to meet the requirements of this emerging new way of doing business.”
Videosign, which moved to the UK from New Zealand in 2019, has developed unique software that uses facial recognition technology to verify the identity of signatories and records video evidence of a document signing taking place.
Acceptance of the electronic signature is becoming more widespread in the UK since 2019 when the Law Commission confirmed the legal validity of documents signed digitally.
Remote working and the need for social distancing has led to further growth in the use of electronic signatures since the start of 2020, and the Videosign team believes new ways of completing transactions will continue when lockdown restrictions end.
Videosign Head of Sales and Marketing Adam Nichols said: “Many businesses scrambled to put interim solutions in place at the start of the pandemic, but as restrictions come to an end it is time to look to the future and put long-term plans in place for the rise of the electronic signature.
“Many businesses use separate platforms to host meetings and sign documents, but we offer a simpler and more secure approach that creates a better experience for everyone involved in a transaction.”
The Land Registry’s new guidance follows a similar announcement from HMRC in February. Changes to regulations allowed electronic signing for some forms, but HMRC warned finance industry professionals may be required to provide evidence to prove the validity of signatures.