Updating the Land Registration Act 2002
Building a more effective land registration system.
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Property fraudsters could be stopped in their tracks by technical fixes of the law, according to the Law Commission.
The independent legal body say HM Land Registry has had to fork out close to £60million in indemnity payments because of fraud over the past decade.
As a result, it’s recommending measures to help prevent fraud from taking place in registered land, alongside wider technical changes to the law which will make conveyancing “faster, easier and cheaper for everyone”.
Law Commissioner Professor Nick Hopkins said:
“For many, the land they own is the most valuable thing they will ever have, so it’s important that the registration system provides clarity over who owns what.
“The Land Registration Act was a huge leap forward in land ownership, but 15 years on it needs to be refreshed to adapt it to the modern world and make things as efficient as possible.
“We’re recommending some technical reforms which will iron out the kinks, help prevent fraud and make conveyancing faster, easier and cheaper for everyone.”