Improper Disclosure Of Wealth In Divorce Proceedings May Land You In Trouble

Posted by Richard Payne on June 3rd, 2016

If you have ever purchased a house in the UK, you will probably be aware of the Land Registry, the government department that records details of property ownership. In 2014, the Land Registry was close to privatisation, but the announcement was shelved following a 48-hour strike by staff. Now, it is under threat of privatisation again. The government has released a public consultation about Land Registry privatization which, if successful, may drive up the cost of buying a house and threaten the stability of the housing market.

The government’s recent plans to turn the Land Registry into a body operated by a private company on behalf of the government is facing opposition from conveyancers. According to Curry Popeck, conveyancing solicitors in Harrow, it will create a private monopoly hold over public data.

The consultation on privatizing the Land Registry states that there would be a contract between the government and a private operator, with all the core functions transferred out of the public sector

While Business Secretary, SajidJavid, describes this move as a method to “ensure the sale of public assets benefits the wider economy”, he is facing criticism for announcing the selloff of the 150-year-old agency, which maintains records of the ownership of land and property across England and Wales.

The opposers assert that the government does not need to resort to Land Registry privatisation to maximise returns in order to help reduce the national debt. Instead, they suggest that the government should increase the Land Registry registration fee and reverse a recent halving of fees for electronic registrations. This will double the Land Registry’s income yet would be a small burden for the home buyer amongst the other costs and charges involved in the conveyancing process.

Another argument made for privatisation is that it will increase competition. The opposers assert that there can only be one body that registers the ownership of land and therefore, it is better that this is a publicly owned body rather than a private body which could be subject to commercial pressures.

According to Curry Popeck, conveyancing solicitors, Harrow, the Land Registry is currently a non-ministerial department that employs more than 4,500 civil servants and plays an important role in the conveyancing process.

Expressing his concern over the issue, Mark Serwotka, Head of the Public and Commercial Services Union says, homebuyers and owners rely on the Land Registry for an impartial professional service and it must remain under public control to keep it free from any profit motive and conflict of interest.

Positive news for those opposing this plan is that the government only has a small majority. Early last month, plans to liberalise Sunday trading laws were defeated after 26 Tory MPs had to face opposition.

As a law firm that undertakes conveyancing, Curry Popeck appreciates the efficiency of the Land Registry. According to Curry Popeck, solicitors in Harrow, in addition to being one of the most efficient government departments, the Land Registry has managed year on year to reduce its fees.

If you have any questions regarding the issues raised in the article, please visit-http://www.currypopeck.com/