Propertymark has urged the Land Registry to provide more accessible and affordable services to its members.
Responding to a call for evidence on the Land Registry’s services and fee structure, the agency trade body argued that the costs present a barrier to access, especially as agents now need to verify information to comply with material information rules.
Propertymark members have raised concerns at meetings that existing payment methods for individual documents per property could discourage some agents from confirming the information their clients provided, potentially leading to outdated or incorrect information being recorded and shared during the sales process. Situations like these often lead to sales fall throughs.
Instead, Propertymark members have called for a subscription model or the ability to buy the use of services in bulk at a lower price that will encourage agents to make more regular use out of HM Land Registry’s data.
The professional body has also recommended that the Land Registry explores the possibility of delivering additional services around improving transparency and data sharing across all organisations involved in the home buying and selling process. This will increase the speed and cut the possibility of fall throughs within the home buying and selling process.
Nathan Emerson, chief executive at Propertymark, said: “More and more we are finding that estate agents use HM Land Registry data for every transaction.
“Despite the importance of this data in the home buying and selling process, the current accumulation of fees agents are expected to pay are an obstacle to accessing the services HM Land Registry provides. We are pleased to have the opportunity to highlight the experiences of our member agents and we look forward to continuing to work with the Land Registry to shape these proposals to encourage greater use of their services.”
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If HMLR reduce the cost of documents, you'll stifle any technical innovation and digitisation of the Land Registry. HMLR is a not for profit organisation so any revenue is reinvested in itself (any surplus goes to the Treasury) . If you though HMLR was already slow to adapt to technology advancement, then think again because reducing fees will kill all progress they are making.
If anything prices should be increased. This would achieve a fully digital registration process and allowing them to serve data instantly for material information.
I think this is a very ill thought out response so be very careful what you wish for Propertymark...!!
It's £3 for a title register and another £3 if you want the title plan. If £6 is a problem then they have much bigger problems!
Kristjan, you’re absolutely spot on…! It’s a baffling, ill thought out statement and position for Propertymark to take.
Does it show how little they know about the industry and its suppliers?
Perhaps agents should increase their fees to make sure they cover the costs?
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