The Land Registry should collect more information
Thursday, April 26th, 2007
Her Majesty’s Land Registry could be collecting much more information about properties as they are sold. Every time a property is conveyed, the sellers solicitor is required to file a form called TR1 (Transfer of whole of registered title)
The only information that is collected about the characteristics of the property is a description of type of property that has been transfered. This description is chosen from one of the four categories:
- Detached Property
- Semi-Detached Property
- Terraced Property
- Flat
These four categories provide an indication of the possible size of the property, but it does not provide any statistics about the actual size of the property or the land it is situated on. This lack of information creates uncertainty when researching comparable sales. Everyone in the property industry would benefit if the Land Registry would require an additional piece of information that specifies the size of the house.
Interior Square Footage
If I were to pick only one additional characteristic, my vote would be to record the interior square footage because that is the best benchmark measurement which can be best translated across many types of properties.
Number of Bedrooms
My second choice would be to record the number bedrooms contained within the property. The number of bedrooms always has the greatest effect on the overall valuation of the property, but it is not always an accurate indicator of the overall size of the property. A 3 bedroom detached house could have 3 single bedrooms, one bathroom, and an open plan kitchen with an attached living room and could actually be a smaller then some 3 bedroom flats (especially those built in the 60’s).
Combine both indicators
If the Land Registry were to combine the number of bedrooms along with the interior square footage, then that would clarify any doubt about the characteristics of the property, and it would provide a treasure trove of information for Estate Agents, Surveyors, Valuers, Home owners and, of course, the Tax Man.
The Land Registry is about the only organisation that has the capacity to implement this as a national requirement. It would be fantastic if they were able to add just 2 more lines to the TR1 form.
I’ve already asked Peter Collis (Chief Land Registrar) and he did not seem keen to put it on his agenda, so I will need some help. Here is how to get a hold of him: Peter.Collis@landregistry.gsi.gov.uk
