Land Registry Strike Could Cause Conveyancing Problems
As of yesterday (Wednesday 14th May 2014) the Land Registry is on a 48 hour strike. This will be only the 2nd time in 150 years the Land Registry has been on strike, the first being in the 1980s.
The reason for such drastic action being taken is due to the workers fears that the Land Registry could be subject to privatisation. A Consultation Document recently published by the Department of Business Innovation and Skills in which it is proposed that the Land Registry should no longer be a publicly owned sector of Government. It suggests that a company should be created to undertake all associated legal interests in relation to the registration of land ownership.
A document recently published by the Department of Business Innovation and Skills states that its potential plans include:
‘Options for moving assets to the private sector where there is no longer a strong policy reason for continued public ownership…’
Whilst the Document recently published by the Department of Business Innovation and Skills asserts that a decision has not yet been made on privatisation, the plans that are being deliberated for what has been described as the ‘transformation’ stage include:
- A company that is one hundred percent owned by the Government.
- A service business which is owned both by a private company and the government.
- A service firm which is one hundred percent owned by the government but on a daily basis it will be the duty of a private company on the government’s behalf.
Significantly, the proposal makes it apparent that:
- ‘Once past the transformation stage the Government will carry out a review on the control and ownership of the company…’
You have to acknowledge that the Land Registry is highly appraised by customers, is operating successfully and does not call on the Exchequer for funds. In Wales and England the land registration system is seen as first-rate and its digital changes are very well ranked, successful and have gained the trust of the professionals who rely on its services such as lenders, conveyancers and all who support the housing market.
The proposition to alter the stance of the Land Registry is expected to have serious effects on all those who take part in the home moving and conveyancing process (basically everybody) and a transition phase away from full privatisation could take place until completed.
Do you agree with these proposals? If you are opposed to the proposed changes then there is something you can do! Sign the E-Petition following the link below and share with your colleagues. http://epetitions.direct.gov.uk/petitions/60616
Kirsty Rogers, Pali Ltd(0) Comments
- Valentine's Day Competition - Winner Announced!
- Are You Looking for Fast, Accurate And Cost Effective Searches?
- Invitation to free Conveyancing Webinar
- Valentine's Day Competition!
- Property in the North set to Boom in 2018!
Subscribe to receive a weekly update of our blog posts