Performance

Strategic objective 3

Data Synchronisation and Electronic Discharges

Two new services, Data Synchronisation and Electronic Discharges, were successfully piloted this year with two major lenders, Abbey National PLC and the Nationwide Building Society.

Data Synchronisation not only ensures that the data relating to mortgages held by lenders and Land Registry are accurate and identical, but also enables lenders to know, on a real time basis, when the mortgage has been registered, thereby providing certainty to their dematerialised mortgage operations.

The Electronic Discharge service enables lenders to signal electronically to Land Registry when a mortgage has been redeemed, and following successful validation, the mortgage entry on the register is removed automatically.