Why do we have to have more bureaucracy to sell a house why not a log book?
We are still using achaic slow costly methods of house sales in an age when “cars” have been bought and sold for 125 years with a “log book” yet this item is mobile and is open to all kinds of fraud, a static thing called “a house”, requieres a search and all manor of other things so that the conveyencing can look justified
a simple “log book” could contain all that was necessary in one sheet of paper. Why does a search have to be done every time a house is sold every detail regading that house could be on file with the land registry and the house could be sold similar to a car,, after all some cars are more expensive than houses
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January 30th, 2010 at 12:35 pm
because solicitors and estate agents make more money the complicated way
February 2nd, 2010 at 7:45 am
There is a ‘log book’ for a house…it’s called the ‘Title Information Document’ and is issued by HM Land Registry.
This documents guarantees ownership of the property..nothing else to search as far as ownership is concerned.
The syetem for transfering ownership of a property is very simple indeed and can be done in half an hour or so with just a few simple forms (obtainable via the web).
It’s solicitors that make it seem complicated so they can charge you more.
February 2nd, 2010 at 10:38 pm
The easy answer is debt.
If you go into debt and do not pay, no bill collector attaches the car (unless the debt is FOR the car), but they will file a lien on your house.
If the search was not completed, each and every time the house sold, you could go and spend a quarter of a million dollars and then later find out a $50,000 debt is attached to your property. I know I wouldn’t be happy at that point. Not to mention, deaths, divorces, etc.
So, unless the laws are changed and debt is not allowed to be attached to a person’s real assets, the title search and associated fees are a necessary evil.
February 3rd, 2010 at 4:53 pm
I think the search is to check if any buildings or motorways are planned for the area which of course would reduce the purchase price, or you may want to pull out. The search is to safe guard the purchaser and ensure the vendor isn’t pulling a fast one. So it makes sense to have a current search than an old one sitting on a log. Buying a house, as you know, is a big investment – up-to-date information is important. So paying for all these little bits; even though we get peed about it, makes sense.
February 5th, 2010 at 11:24 pm
good idea that, but how is the buyer and seller going to be ripped off in order to feed the lawyers.
February 6th, 2010 at 6:47 am
The law surrounding property is wide and varied which is why the process is slow, but its getting faster, usually the people who cause the delays are buyers who dream of trying to get a mortgage,
Searches are local authority, more complex but suffice to say its information which affects the property, ie you would want to know about anything which may affect your investment. A search has to be done every time because information changes, since everything in life is dynamic it should be easy for you understand, would you rely on a search which is a few years old, i wouldn’t think so!
The land registry has all the title information , but do you understand how to interpret it, solicitors spend alot of time and money training to do this. Remember you are buying land which has a house built on it!