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Proposal for Land Registry privatisation

The Government has launched a consultation document suggesting the privatisation of Land Registry operations.  This follows a previous failed consultation in 2014. 

Graysons will deal with your land registrationHow will privatisation work?

The model suggested, and preferred, by the government is a contract between the Government and a private operator whereby the private operator carries out all the core operations but with safeguards being maintained by the Government.

Business Secretary, Sajid Javid, has announced that ownership of the Land Registry will remain with the  Crown but that the Government will continue to offer customer protection, such as fees being set before Parliament and continuing the state-backed guarantee given if a mistake in the register leads to a loss.

Why privatisation?

The Government says that the sale will enable the Land Registry to become more efficient whilst allowing it to pay off some debt or make other investments for the benefit of taxpayers.

Mr Javid said “Anyone who’s bought a flat or a house knows that the Land Registry has an important role to play in property ownership. By proposing a model where government retains critical functions, including ownership of the Register itself, we are delivering on our promise to ensure the sale of public assets benefits the wider economy and all working people in the longer-term.”

Whilst no figures have been given by the government, speculative reports suggest the Land Registry will be valued at about £1.2 billion.

The consultation will close on 26 May 2016.

What is the Land Registry?

The Land Registry is a government department, created in 1862, (non ministerial) that registers land and property in England and Wales.  It provides a record of information about ownership of, and interests in, land and provides owners with title (evidence of ownership) to the land.

Any individual or organisation purchasing (or inheriting) land or property must apply to the Land Registry to register that they are the new owner of previously unregistered, or registered land or to register an interest in the land – such as a mortgage or right of way, for example.

Only the Land Registry has the power to carry out these duties.

You can read about registration of unregistered land/first registration on our web pages.

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