This week we’ve hit a milestone: the National Land Information Service (NLIS) Hub has processed 27 million Official, Regulated Conveyancing Searches across England and Wales since it was launched in 2001. That’s a lot of home moves.
Back in 2001 NLIS was a new cross-Government initiative launched by HM Land Registry, IDeA (now part of the Local Government Association), the Cabinet Office and other Government agencies. Its mission was to standardise the way Official Search data flowed from the data provider (Local Authorities, The Coal Authority and HM Land Registry) to the conveyancer. Before NLIS, conveyancing searches were requested via post, DX, and fax. After NLIS, they were fully electronic and far more efficient.
Fast forward 23 years and the searches market is very different. Today’s market covers a diverse range of options for Official Searches – direct to and from the data provider, and Personal Searches – an inspection of the Local Land Charges Register by an individual from a Personal Search Company. All of these exist to protect the home buyer from unexpected liability and risk. They are a crucial component of due diligence and compliance and can influence whether home movers buy a property or not, as well as the price they pay.
So, what exactly are the benefits of Official Searches today?
- They carry a Certificate of Search, a Government guarantee which carries unlimited indemnity
- They take a holistic approach which draws expertise and data from across Local Authority teams, delivering critical insights around any risks
- They adhere to Law Society best practice and guidance
For many transactions, Official Searches remain the de facto choice because of the unrivalled level of consumer protection, security and certainty. Commercial transactions, social housing and complex purchases will all invariably use an Official Search. The cost of getting it wrong for these customers is too high.
Official Searches remain fundamental to safeguarding the home buying and selling process. We look forward to working with stakeholders across the sector to ensure home movers continue to benefit from them.
by Fiona Barron, Chief Executive, Land Data
