Privatisation of the Land Registry
The Queen opened Parliament on 18 May 2016. She announced the Government’s intentions to introduce the Neighbourhood Planning and Infrastructure Bill. The introduction of this new legislation would enable the privatisation of the Land Registry.
The Government wants to privatise the Land Registry as part of their decision to sell off £20 billion worth of assets in order to reduce the national debt and without causing detriment to delivering public services. However, the Government will retain responsibility for the Land Charges Register including the Bankruptcy Register and the Agricultural Credits Register.
By transferring the Land Registry into private ownership, they hope that a new owner could invest in the organisation to make the Land Registry more efficient in its services.
The Government has assessed the sale of the Land Registry and note that some conditions will need to be achieved as part of the process. Firstly, the support for the property market needs to continue and level of service provided. Secondly, the Government wants the future of the Land Registry to be certain and the privatisation of the organisation needs to be implemented as quickly as possible. The Government hopes to privatise the Land Registry in 2017.
For more information, please see the Department for Business Innovation Skills Consultation posted on 24 March 2016: https://www.gov.uk/government/consultations/land-registry-moving-operations-to-the-private-sector