§ 3.13 p.m.
§ Lord JacquesMy Lords, I beg leave to ask the Question which stands in my name on the Order Paper.
The Question was as follows:
To ask Her Majesty's Government whether they will introduce legislation to enable loans on house 1469 property to be transferred along with the property itself so as to minimise costs of transfer and facilitate the mobility of labour.
§ The Lord Chancellor (Lord Hailsham of Saint Marylebone)My Lords, there is no impediment in the existing law to prevent loans on house property being transferred with the property either if the mortgage deed so provides or if the parties so agree. I am advised that it is doubtful whether there is any significant saving in cost.
§ Lord JacquesMy Lords, I thank the noble and learned Lord for his reply. May I assume that he is aware that this is a common practice in North America, where it is not only convenient but saves a great deal of money in costs?
§ The Lord ChancellorMy Lords, it is enough for me to know a very little, and all too little, about English mortgage practice, and I am afraid I do not know the practices in North America. Their methods of conveyancing, I think, are far more complicated than ours, but I may be doing them an injustice. The fact is that if this is preferable in England it would be done in England if the parties wanted it, but I do not think we could force it on them by legislation.
§ Lord Elwyn-JonesMy Lords, could the Law Society, the building societies and the others concerned be encouraged to look at this? There would be a saving of money and it would be valuable in this kind of transaction.
§ The Lord ChancellorMy Lords, I speak subject to correction, but I understand that there is at the moment a scheme being put forward by the Abbey National—with which I believe I have some personal connection, and I should declare this—and the Law Society, but that is a matter for them on the whole rather than for the Government.