The time it takes to complete commercial property transactions could be cut in half thanks to a new online title search service launched today.
Norton Rose senior property partner Jonathan Ody said that using Land Registry Direct to carry out title searches could cut a week off the average transaction. “It makes investment in property almost as tradeable as shares,” claimed Ody, whose firm has helped to pilot the HM Land Registry facility.
Users of the system, which will be limited to registered account holders in the property professions initially, can obtain all titles and plans online. The Registry also intends to convert all documents referred to in title deeds for the service.
The Land Registry claims the service, which was developed with software firm Global Crossing, is easier to use than its previous incarnation, the Direct Access Service, provides a better image for reproduction purposes and does not require special software.
The system will also be the gateway to Land Registry data for users of the National Land Information Service, which is due to be launched next month.
Commenting on the service this morning, Lord Chancellor Derry Irvine said it represented a “significant step forward” towards the government’s target of full electronic conveyancing.
References: EGi News 20/06/00
