Search Acumen comments on the migration of Local Land Charges data to a central, digital register
Andrew Lloyd, Managing Director of Search Acumen, comments on the migration of Local Land Charges data to a central, digital register:
“Search Acumen fully supports HM Land Registry’s (HMLR) efforts to centralise and digitise the Local Land Charges (LLC) register. It is a hugely positive development for conveyancers and property professionals and we foresee it completely transforming UK property transactions in the long term.
“The current discrepancies in LLC searches – both relating to price and delivery timescales – highlight how the current fragmented process can be a major headache and a barrier to completing transactions quickly and efficiently. According to HMLR, LLC searches can range from a few pounds to nearly £100, depending on the local authority. And, because the current process is often manual, turnaround time can fluctuate from one business day to more than 40 days. With around 953,000 transactions registered last year across England and Wales, that’s anywhere between 953,000 working days of waiting time at best, or 39 million at worst.
“This reform is a big step forwards to getting as close to the best-case scenario as possible, and even going one better through digital technology. Efforts to improve data access, standardise fees and achieve faster turnaround times should all be embraced – both industry and consumers stand to benefit. Once all 326 local authorities have shared their data with the central register, solicitors and conveyancers will save millions of days a year in unnecessary waiting times – and property buyers will save millions of pounds in unnecessary costs.
“This is a clear example of the benefits of big property data in action. It’s becoming more apparent that data will be a ubiquitous and boundless resource for conveyancers and property lawyers in the coming years, expanding the possibilities to supporting residential and commercial property transactions. The migration of LLC data is just one of many changes on the horizon that will soon make the legal aspects of building, buying and selling property a seamless process from end to end.”
Kindly shared by Search Acumen