Possible Sale of Land Registry Sparks Widespread Concern

The possible sell-off of the Land Registry has provoked widespread concern over searches and protests across the property industry.

As part of a proposed £4.6 billion worth of public assets earmarked for privatisation, the possible sale of the Land Registry has sparked concern over searches and was already vetoed by former Business Secretary, Sir Vince Cable, in the last coalition government.

Andrew Lloyd, of the Search Acumen company, said:

"Any move to privatise Land Registry operations must not be allowed to put barriers in the way of access to property and land data.

"This year's Infrastructure Act set the wheels in motion for Land Registry to improve data access, standardise fees, achieve better turnaround times and explore new services to benefit conveyancing and the wider property sector. This mission should be applauded, and must not be compromised by the desire to make a short-term profit."

More than a million local land charge searches are undertaken annually by conveyancers and solicitors as part of the process of residential and commercial property transactions. The Land Registry, which currently employs around 4,500 people, could be worth around £1.2 billion in a sale.

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