Performance, progress towards strategic objectives and future strategy

STRATEGIC OBJECTIVE 2: To introduce improved secondary legislation for land registration progressively from 2003

In September 2004, we published a consultation document entitled ‘Presentation of Prescribed Information in Registrable Leases’, seeking views on alternative ways of presenting information about the parties, property and terms in registrable leases. We consulted stakeholders including conveyancers, lenders, financial institutions, surveyors, estate agents and insurers. Taking account of the 198 responses received, we amended the proposals, limiting the prescribed information to that which is absolutely essential for registration purposes. After further discussion with the Law Society and further internal review, we hope to take the proposals to the Land Registration Rules Committee in June 2005.

Part 1 of the Commonhold and Leasehold Reform Act 2002 came into effect on 27 September 2004. This was the result of four years of hard work by teams from both Land Registry and the Department for Constitutional Affairs.

Commonhold is an alternative to long leasehold ownership, applying equally to residential and commercial property, and will only be possible on registered freehold land. Property owners will own the freehold of their individual premises and will have an interest in an association that will own and manage the common parts of the building or development. All commonholds will be registered at Land Registry.

We produced extensive guidance for conveyancers about the registration aspects of the new system.