Her Majesty’s Land Registry opens its files on leases and freeholds
As part of government’s drive to modernise vital information for home buyers is now available to view online for the first time. The datasets, available through HM Land Registry’s new Use land and property data service, mark a big step in realising the wider economic potential in Land Registry’s data, while enabling innovation in property related industries.
Zah Azeem, Partner Scrivener Tibbatts said: “Knowing information about the length of a lease, the ground rent and service charges on a leasehold property – usually for flats here in Wimbledon – is essential for prospective buyers. Currently Zoopla, OnTheMarket and Rightmove don’t include that level of detail. This move should change all that.
“We’ve always thought that second-hand buyers should have the same amount of information on a leasehold flat as first-time buyers who purchase directly from a new-build developer.”
The Registered Leases dataset catalogues all registered leases, providing a new level of insight on property ownership for buyers, valuations and planners. Restrictive Covenants data will provide upfront information to house buyers on some 17 million existing covenants affecting properties, across England and Wales.
HM Land Registry was created in 1862 and operates as a non-ministerial government department. It records all land and property ownership transactions – valued at £7 trillion in total – enabling more than £1 trillion worth of personal and commercial lending to be secured against property across England and Wales.
Dr Andrew Trigg, Acting Director of Digital, Data and Technology at HM Land Registry, explained: “We know that there’s appetite and utility for this information in property related industries and look forward to seeing how it can positively impact the conveyancing process. Beyond this, we’re intrigued to see what novel innovations find their way out of the UK’s burgeoning PropTech space to make their mark on our digital economy.”
If you would like to discuss this, such as how to extend your lease, or something else related to a valuation please contact firstname.lastname@example.org or call 020 8947 7040.