HM Land Registry (HMLR) has launched a pilot scheme to investigate how improving access to key property datasets held by local authorities can benefit the home buying and selling process.
Writing in its newsletter, HMLR said the initiative ‘marks an important step toward modernising property data access, improving transaction times, and streamlining the conveyancing process’.
Commissioned by the Ministry of Housing, Communities and Local Government, the pilot will run for 10 months and involve up to seven local authorities. ‘A small number’ of customers who are buying or selling homes will also contribute, offering insight of their experience with the scheme.
HMLR explained:
“The primary focus is to understand the impact of providing access to building regulations and highways information. Research suggests these two datasets play a significant role in property search delays – causing transactions to fail and costing buyers around £400 million a year.”
Progress will be shared over the coming months, with updates brought to you by Today’s Conveyancer as they become available.
One Response
I’m not sure waiting for search results has ever caused a property transaction to cease.
I imagine sometimes the result of the search has that effect.
Maybe some research is required as to why some transactions take so long and others do not.