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You are here: Home / Latest News / Land Registry sell-off is shelved (for the moment)

Land Registry sell-off is shelved (for the moment)

September 9, 2016 //  by Sebastian O'Kelly

landregistryThe astonishing proposal to sell off the Land Registry has been removed from government legislation as it ponders responses to the idea.

The £1 billion sale was part of George Osborne’s efforts to balance the books.

But it is now under review as reported here in the Guardian

The proposal would empower the kind of property operators who have already registered the ownership of £263 billion of property assets in England and Wales in offshore companies since 2000, according to Property Week. 

A good number of these are residential freeholds, such as the once mighty portfolio of Vincent Tchenguiz, at one point one per cent of all the residential freeholds in the country, which was / is ultimately controlled by his so-called Tchenguiz Family Trust in the British Virgin Islands.

Privatising the Land Registry is akin to selling Inland Revenue.

It was blocked in 2014 by LibDem business secretary Vince Cable during the Coalition Government.

This time the proposed sell off came from his successor Sajid Javid.

Related posts:

Don’t sell off the Land Registry Bellway offers young mother freehold for £3,750. But Adriatic Land demands £12,750 … then agrees to half the sum Land Registry publishes new data on leasehold and fleecehold deals to help buyers and nudge Rightmove McCarthy and Stone says ground rents essential, but why sell freeholds to murky Adriatic Land? Ratner moment for UK housebuilders, says Chris Blythe, CEO of Chartered Institute of Building

Category: Latest News, News, ParliamentTag: Land Registry, Sajid Javid, Vince Cable

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Comments

  1. Leaseholder

    September 9, 2016 at 10:27 pm

    I wrote to our MP about that a while ago, he responded stating he was very much against any sell off plans. Surely, we need to go forward, towards more transparency, not backwards.

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