Osborne Announces Privatisation of Land Registry – What will that Mean for everyone?
The Government has announced plans to privatise the Land Registry.
What will this mean? Firstly we have to understand what the Land Registry does.
- The Land Registry registers the ownership of land and property in England and Wales.
- Once land or property is registered the Land Registry records any ownership changes, mortgages or leases that affect it.
- They “provide owners with a land title that is underpinned by the state”
- The Land Registry pays millions into the Treasury each year and costs the tax payer nothing!
On top of this the Government is currently spending £193 million on transferring responsibility for the Local Land Charges Register away from the 316 English Local Authorities and giving it to Land Registry (and by doing so taking revenue away from your local authority). So this register, which is also essential to property transactions in England, will also be privatised.
Should responsibility for these extremely important duties be handed over to a private sector company whose prime concern will be to make money for them and their shareholders? This could cost home buyers and property owners dearly.
The Government tried to privatise the Land Registry 18 months ago and a petition with over 110,000 signatures helped the campaign against its privatisation to get it stopped.
If you believe the Land Registry should not be privatised you can sign the petition at; https://you.38degrees.org.uk/p/save-land-reg
James Ferguson is a Director of X-Press Legal Services in Cornwall and Devon.
X-Press Legal Services publishes a website of free online legal guides for the public and small businesses. To find out more go to www.lawplainandsimple.com