In an important development for the long term future of the property market, Land Registry is offering to support developers and commercial enterprises that want to develop Chain Matrix and Electronic Funds Transfer (EFT) type services.

Land Registry took the decision following market research which, it says, confirmed an overall desire to improve chain transparency. it also identified cross-market collaboration as a key success factor for Chain Matrix.

Consultation started in 2002. Chain Matrix claims it won 70% support.

Land Registry will support developers and commercial enterprises who wish to market their own commercial Chain Matrix and EFT-type products by:

• working with them in a consultancy capacity
• defining the requirements for the provision of Land Registry data to commercially offered solutions
• acting as an information component provider by making commercially available details of the technical design and architecture of Land Registry's Chain Matrix service.

Land Registry's Chief Executive, Peter Collis says: "Lack of information to buyers and sellers is one of the most common reasons why one in three transactions fail between handshake and exchange of contracts. This is why Land Registry believes in the principles of Chain Matrix. Land Registry's decision to launch Chain Matrix was taken at a time when no private investor was prepared to be the first to establish such a wide-ranging cross industries initiative. By seeding the market with the prototype, by developing good examples of technical functionality and uncovering other aspects affecting chain transparency, we have helped those commercial ventures better understand what is required. Because of this work the time is now right for the private sector to move this on and we know they are ready and eager to do so.

"This decision is both in keeping with our policy of concentrating our resource on enhancing and expanding e-registration services and in line with the research findings. It enables us to carry on doing what we do best, while supporting the commercial market to develop entrepreneurial or innovative new services which will meet the needs of conveyancers in the future."

Land Registry will continue to develop electronic services through the launch of e-discharges, e-charges and cross-government collaboration with the Legal Services Commission. Later this year, Land Registry is introducing the Business Gateway service that will permit conveyancers to use their case management software to lodge directly applications to Land Registry.

Land Registry is aware of a number of commercial providers who are considering development of a similar product and Land Registry will assist them in taking this concept forward.

Commercial enterprises and developers requiring further information should contact This e-mail address is being protected from spambots. You need JavaScript enabled to view it