23 October 2020

Property Logbooks to be trialled in 2021

Just like a V5 document for a motor vehicle here in the UK we are now moving towards a logbook type system for every property. Although it might be in digital format only.

Property logbooks for every home in the UK took a step towards reality yesterday following the inaugural meeting of the Residential Logbook Association.

The aim is that every residential property transaction will be supported by one whether sales or lettings, with a trial scheduled for March or April 2021.

Experts believe property logbooks lie at the heart of making house buying and renting quicker by removing many of the friction points that trip up transactions.

It was also agreed that only one per property would be created for each interest in the property. This will enable the logbooks to accommodate multiple leasehold interests and different ownership structures.

The digital logbooks will also transfer from owner to owner in the same way Title Deeds do, and be accessible regardless which supplier created it.

The key information to be included:

·         Unique Property Reference Number

·         Title number

·         History of transactions including sales and rentals

·         A lettings MOT certificate (if relevant)

·         Ground rent info (if leasehold)

·         Up-to-date search and other local authority information.

·         Land Registry information

·         Utility company data.

·         Government information such as flooding risk.

·         Handover packs.

·         Building or retrofit works completed.

In a block of flats all the players involved would exchange information to go into the logbook including freeholder, head leaseholder, leaseholders and even tenants.

Up for future discussion includes who can see the logbook and when, and whether they should record who has looked at it.

Let’s all hope this will make selling, buying, renting a property so much more easier and safe.

During this Covid-19 situation many property owners, estate agents, buyers, tenants, and managing agents have become accustomed to signing agreements online. Conducting viewings and inspections remotely via various online systems is already common practice for some. So having a logbook that people can see online should help even more.

Thanks for reading.

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