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After much discussion, it looks as though UK property “logbooks” may be with us by spring 2021.
Last week the inaugural meeting of the Residential Logbook Association (RLBA) highlighted that its aim was for every residential property transaction, both sales and rentals, to be supported by a digital logbook.
The government has backed the initiative because it believes it will make the process of house buying and renting quicker and more efficient.
The RLBA has proposed that only one logbook would be created per property. This would allow the documents to accommodate a number of multiple leasehold interests so, in a block of flats, people would exchange information to go into the logbook including details about the freeholder, leaseholders and tenants.
The logbooks would also transfer from owner to owner, similar to Title Deeds.
Key information held within them would include the Unique Property Reference Number, the title number, a history of transactions including sales and rentals, up-to-date search and other local authority information, Land Registry information and government information such as flooding risk.
A trial scheme is scheduled for March or April next year, although a decision is yet to be made about who can see a logbook and when, and whether a record should be made of who has access to it.
Fraser and Fraser remains fully operational and is here to deal with any probate or missing beneficiary queries you may have during this exceptional time. Please do not hesitate to get in touch with business development manager Nick Howitt. We are able to offer all our services remotely and we have secure video conferencing facilities.