News from Estate Agent Richard Blake
Busiest August for Years
We have just has a record breaking summer, with a high number of sales being achieved. There is now, however, a distinct lack of available property for sale although we are hoping that we will see stocks increase over the autumn.
Despite this increase in sales and market activity, agents are now being warned that expectations of buyers and sellers need managing as the process of conveyance looks set to become more protracted for years to come. Already, serious delays in some parts of the country are being experienced just as property sales increased this summer. These are likely to spread and to worsen considerably. Local Authorities are increasingly dragging their heels as they cut back on their search departments and fail to invest in technology. They are doing so in advance of the Land Registry taking over the property search function but this a process that could take years to complete.
I understand that the South Hams local and land charges department’s last full time member of staff has now left. The controversial centralisation of land charges information has a very long timetable and secondary legislation is scheduled for October. It will then take two years or so to build the infrastructure starting in 2017 and will be followed by five years in which to capture all the local land charges data. Many local authorities are apparently still using no high tech methods which means physically inspecting old maps and paper files. There are warnings that while privately owned search firms offer a more technologically advanced and faster service, they often have restricted access to the information required. Despite much controversy and with few passengers on board, centralisation of all local and land charges by the Land Registry will now progress as a result of the General Election. The journey is likely to be long and it is unlikely to be plain sailing.
Of course this has quite a negative effect on the property market as the longer the transaction takes, the more likely one or other of the parties involved have a change of heart and withdraw from the purchase or sale. It is obvious that action needs to be taken to speed up this process, which will only become more onerous as the years go by.
