Land Registry introduce early completion policy
20th August 2009
Much has been said and written (both for and against,) on the Land Registry's early completion plans. Simply put the new policy will allow new charges to be entered against properties in situations where evidence of discharge of existing entries has yet to be received.
In the blue corner:
The Land Registry, under pressure to cut costs (they estimate early completion will save c. £3.5m a year) who claim the new policy will provide protection during registration and help prevent fraud.
In the red corner: -
The Law Society, who claim that the costs of lenders failure to issue timely and accurate discharges will be borne by their members, who will either have to absorb the cost (in an already depressed market) or pass the cost on to their clients.
To assist users of their Liberate Conveyancing system Linetime have added functionality that will monitor completed cases to ensure that un-cleared charges are not forgotten and left on file.
More information on the new early completion policy can be found on the Land Registry website.
For information on the Liberate Case Management system and other Linetime products please visit www.linetime.co.uk.
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