The Land Registry yesterday announced a new business strategy, aimed at speeding up the buying and selling of homes in England and Wales.
The new strategy is also aimed at making the process cheaper and simpler.
The Land Registry aims to digitise 95% of its daily transactions within five years, and to create a more definite record of property ownership.
A pilot digital register for a “small selection” of properties will be in place by the end of next month.
Called Digital Street, this will be “machine readable” and capable of being updated instantly.
The Land Registry said: “Digital Street will contribute towards a property industry where people will buy, rent, sell, finance, build and manage property with ease.”
The new five-year plan is aimed to make it the world’s leading land registry for speed, simplicity and an open approach to data.
The Land Registry currently contains over 25m titles showing evidence of ownership of some 84% of the land mass of England and Wales.
More good News. All we need now is for all councils to digitise searches, for lenders to have to issue an offer within a set minimum period and for management companies/ freeholders to be compelled to reply to enquiries in full in a similar timeframe.
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“and for management companies/ freeholders to be compelled to reply to enquiries in full in a similar timeframe.” And at a fair cost Chris.
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And of course to reduce the Average Case Count (ACC) for lawyers to below the industry best-practice figure of 55.
Obviously this would mean an increase in legal fees and the scrapping of the Panel Lawyer system but as we have seen, this part of the measures necessary to improve the house buying and selling process.
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The digital age has been with us for well over two decades. It is a disgrace that LR has sat on its hands all this time. They should have started on it years ago. And it will make a difference – when they finally get around to it.
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There are so many other potential delay periods in a conveyancing transaction , which is multiplied many times over the longer the chain , that the Land Registry element is only a minor time saver.
Clients can take an age to complete & return the property information form once they have located original guarantees , building regs, planning permissions , electrical minor works certificates, completed the list of contents, supplied original ID for money laundering, their Solicitors have carried out ID on the other sides Solicitors & checked their Bank details, read the Lease, etc etc.
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