Chief Secretary to the Treasury Steve Barclay MP has revealed the creation of a £26m fund to help deliver a faster property search service for homebuyers in England and Wales through a national Local Land Charges (LLC) Register.
Last December, the government announced its ambition to migrate all local authorities in England and Wales onto the central register by 2025.
This funding aims to make that target more achievable and ensure the homebuying process becomes quicker and simpler for everyone.
Local authorities which transfer their local land charges data to the LLC Register within an agreed timescale will receive transition payments.
In addition they will continue to receive existing burdens payments. This means the overall financial support available to local authorities is now more than £40m.
Karina Singh, director for transformation at HM Land Registry, said: “We understand the uncertain economic landscape facing many local authorities and the resourcing issues this creates.
“In the UK, property remains one of the single largest investments many people make.
“We want to help buyers get the information they need, in a faster and simpler manner.
“Research suggests that 6% of property transactions fail, costing between £700 and £2,700 per transaction.
“By enabling earlier access to LLC information these costs should reduce, making the conveyancing process better for all parties.”