Land Registry to begin 'Early Completion' practice
Construction
5th May 2009
From August 3rd, the government department in charge of registering land will begin applying a new 'Early Completion' practice, it has been announced.
The move, which will be taken by the Land Registry, is aimed at making sure that applications for land registry are completed as quick as possible and could be good news for construction firms.
Joe Timothy, director of legal services at the body, said that dispositions should be reflected in the register as soon after they have taken place as possible.
"We do not believe [the previous] policy can be justified where the transfer and new charge are capable of completion by registration," he remarked.
The changes are taking place following consultation with the Law Society, the Council of Mortgage Lenders and the Council for Licensed Conveyancers.
Recent statistics from the Land Registry found that house prices fell by 0.4 per cent in March - a drop of more than 16 per cent year-on-year.
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