How secure is the new system?
The following processes have been developed by Land Exchange to give both a Subscriber acting for another person and every other Subscriber a very high level of confidence that transactions within EC have been properly authorised: Before a Subscriber acts for another person they must be satisfied that the person is who they claim to be. If you are a client of a Subscriber, they must ask you to provide 100 point check verification of identity (there are some exceptions, such as if you are a long term client). Subscribers must enter into a Representation Agreement with their client. This is an agreement in a form prescribed by the Land Registry. It details the transactions for which the Subscriber is authorised to act (this can include a standing authority). Clients should carefully check that the Representation Agreement accurately reflects what they want their Subscriber to do.
