Posted by Admin - 24/03/2016
Land Registry privatisation
The Chancellors budget statement last week revealed that the government will consult on whether to privatise the Land Registry operations and private companies are now considering whether to bid for the Land Registry.
Who will buy the Land Registry?
Companies such as Advent International, a previously valued 1.2 billion buy out firm with stakes in companies like DFS are one of the named contenders.
Benefits of its present form
The Land Registry in its present form has made huge strides in commercialising its activities, including its commitment to the Open Data initiative which has provided growing access to important land and property data.
It has fuelled the development of innovative and intuitive solutions to speed up conveyancing. Last year’s Infrastructure Act has also been a further step towards centralising access to local authority data, which aims to improve on the convenience and turnaround times for searches.
Will Land Registry privatisation be opposed?
The Land Registry holds titles for most of the land in both England and Wales and this move is likely to prompt serious and heated debate followed by resistance from people such as the Law Society and Unions, who believe the sale of the Land Registry could undermine confidence in the data if the process is not sufficiently transparent.