Article Summary
The Land Registry has initiated a data-sharing program with law firms to address the 800,000 incomplete or faulty applications it receives annually. These errors, ranging from incorrect names to missing evidence, cost the sector up to £19 million yearly and slow down property registrations. The agency is targeting firms with the highest error rates and providing training to improve accuracy. This move aligns with the government’s push to digitalize and modernize the home-buying process, aiming to support the construction of 1.5 million homes over the next five years.
What This Means for You
- Faster Property Transactions: With fewer errors, property registrations will be processed more efficiently, reducing delays in buying or selling homes.
- Cost Savings: Law firms can reduce avoidable costs, such as £5 per clerical error and £30 per third-party document chase, potentially lowering overall conveyancing fees.
- Improved Training Opportunities: Firms can leverage free training from the Land Registry to enhance their application accuracy and avoid follow-up requisitions.
- Future Digitalization: The government’s push for digital modernization means firms must adapt to new technologies to remain competitive and compliant.
Land Registry to share data with law firms to cut conveyancing errors – Mortgage Strategy
The Land Registry has begun to share data with law firms in a bid to cut down on the 800,000 incomplete applications it receives a year.
The agency says faulty applications cost the sector up to £19m a year and slow down registrations.
These mistakes range from wrong names or title numbers on applications, to missing evidence and incorrect ownership details.
However, the body says when looked at firm by firm, the percentage of applications with avoidable mistakes varies from 0% to 24%, and will now target firms that make the highest number of mistakes, that require follow-up requests, or requisitions.
It says: “HM Land Registry is now sending data to customers on the percentage of their applications where these requisitions could be avoided before the application is submitted.”
It adds: “The aim is for registrations to be processed first time, without the need for clarification or further information to support the application.”
The body says that, based on average pay levels in the sector, “avoidable” clerical errors cost around £5 each, while chasing third parties for a document or consent costs £30.
The Council for Licensed Conveyancers chief executive Sheila Kumar adds: “Many conveyancing practices are doing a great job and we have seen others make recent progress too, so we know there is scope for practices that are not performing as well to improve.
“We are already using data from the Land Registry as part of our risk profiling of individual practices and we expect conveyancers to make use of this data and the training available from the Land Registry to improve their services.”
The Land Registry adds that it already offers free live and self-service training “on how to get applications right first time and has trained 5,000 people in law firms over the past six months”.
Also, on 4 February, housing minister Matthew Pennycook wrote to Land Registry chief executive and chief land registrar Simon Hayes, saying that he expected the agency to “digitalise and modernise its systems and services.”
The minister added that more broadly he expected the body to “digitalise and improve the home buying and selling process,” in line with the government’s target of building 1.5 million homes over the next five years.
People Also Ask About
- What causes Land Registry application errors? Common errors include incorrect names, missing evidence, and wrong title numbers.
- How much do Land Registry errors cost annually? Faulty applications cost the sector up to £19 million each year.
- What training does the Land Registry offer? The agency provides free live and self-service training to improve application accuracy.
- How does data sharing help reduce errors? Sharing error data with law firms allows them to identify and rectify recurring issues before submission.
Expert Opinion
This initiative marks a significant step toward streamlining the conveyancing process and highlights the importance of data-driven improvements in reducing inefficiencies. As the government continues to push for digitalization, law firms must invest in training and technology to stay aligned with evolving standards and maintain client trust.
Key Terms
- Land Registry data sharing
- Conveyancing errors reduction
- Property registration delays
- Digitalization in home buying
- Law firm training programs
- Government housing targets
- Cost efficiency in conveyancing
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