First meeting of new Property Registration Authority

The Tánaiste has called changes to the land registration system the most significant in the history of the State.

The new Property Registration Authority takes over control of the Registry of Deeds and the Land Registry from today.

Its main functions are to modernise and extend the registration of ownership of land in the Land Registry, a body that was formed in the late nineteenth century.

The Tánaiste, Michael McDowell, said that buying and selling land will be made simpler and that additional costs involved could be cut.

The chairperson for the new Authority is Gerry McAughey, chief executive of Kingspan Century.

One of the main challenges for the body will be to extend registration of ownership to places that slipped through the process.

It will mainly target housing and commercial property in urban areas, which mainly comprise of the 15% of land not yet registered.

Currently 85% of the State is registered by the Land Registry.

Also, a new system of e-conveyancing property which will speed up the process for private individuals and businesses.