A homeowner in Reading, England, has been left facing potential financial losses exceeding £6,105 due to substantial delays in registering his new build property with HM Land Registry (HMLR). Anthony Hockham, 47, and his family moved into their home in March 2024, but over two years later, the property remains unmortgageable because its title registration is still incomplete.
The issue came to light when Hockham's two-year fixed-rate mortgage neared its end. In February, conveyancers handling his remortgage discovered that the registration was still pending, preventing any new mortgage agreements. Property ownership changes require logging with HMLR, which maintains a public register of owners, mortgages, and sale prices. While legal ownership is secured upon application submission, financial institutions will not release mortgage funds without a clear, undisputed, and fully registered title.
According to HMLR, delays in new build purchases are not uncommon. In Hockham's specific case, the backlog was attributed to multiple issues with an application from the original property developer who sold the land. HMLR stated that it spent months seeking clarifications due to errors or omissions in the developer's initial application, which had to be resolved before Hockham's own application could be processed. The developer's registration was submitted just two months before Hockham's and also experienced delays from both the developer's legal team and HMLR.
Hockham's delayed registration has trapped him on his lender's standard variable rate of 5.5 percent. He reports paying £1,202 per month, an increase of £170 from the £1,032 he would have paid with a new mortgage offer. He had secured a remortgage offer in December at a rate of 3.49 percent, but rising interest rates, influenced by global events, mean any new offer is likely to be closer to 5 percent. This difference is projected to cost him over £6,000 in the next three years.
Hockham has formally complained to HMLR and submitted a claim for £6,105.88, accounting for current and future losses. HMLR confirmed that Hockham's application has finally been completed and that the matter is being handled by its complaints team. The registry stated that in Hockham's situation, his application was affected by third-party delays related to a previous application concerning the same property, estimating such delays could cost the industry up to £19 million annually.
Applications can face delays for various reasons, including errors or omissions, the need to resolve preceding applications, or waiting for information from third parties like lenders or conveyancers. According to HMLR, nearly 20 percent of applications require further information, potentially adding months to the process. This figure rises to about 60 percent for commercial transactions. At any given time, hundreds of thousands of applications may be pending due to outstanding information from external parties.