Talk:Ether

HM Land Registry: Registration Services fees

As of 2023, the average house price in the UK has seen various changes throughout the year. In September 2023, the average house price was reported to be £291,000​​.

All house purchases in the UK have to be filed at the HM Land Registry, non-ministerial department of the UK government responsible for maintaining a register of land ownership in England and Wales.

For a house purchase in the UK valued at £291,000, the fee to the HM Land Registry varies depending on the method of application. The fees are as follows:

• If you apply by post, the fee is £330.
• If you apply using the portal or Business Gateway for transfers or surrenders which affect the whole of a registered title, the fee is £150.
• For registration of all leases and transfers or surrenders which affect part of a registered title, the fee is also £330 if done via the portal or Business Gateway​​.

An alternative to maintaining a register of land ownership in England and Wales via HM Land Registry is via a blockchain-based system, such as Ethereum.

Estimating the exact fees for a blockchain-based land registry system like Ethereum is challenging due to the variability and complexity of blockchain transactions. However, a rough estimate based on typical Ethereum transaction costs is provided below:

1. Gas Fees: Ethereum transactions require gas fees, which can vary widely. As of my last update in April 2023, average gas fees could range from a few dollars to tens of dollars per transaction, depending on network congestion and transaction complexity.
2. Smart Contract Operations: Property transactions on Ethereum would likely involve smart contracts. The cost for executing these could be higher than simple transfers due to their complexity.
3. Additional Costs: There could be additional costs for services like smart contract deployment, legal compliance checks, or integration with existing systems.

In summary, while a blockchain system might reduce certain administrative overheads, the variability of gas fees and the complexity of smart contract operations make it difficult to provide a precise figure. A rough estimate could range from a few dollars to over a hundred dollars per transaction, but this is highly speculative and would depend on the specific design and implementation of the system.

Aa table comparing the costs for the HM Land Registry and a hypothetical blockchain-based land registry system like Ethereum

Criteria	HM Land Registry (For a £291,000 Property)	Blockchain-Based System (Ethereum)
Application Fee	£330 (if applied by post). £150 (if using the portal or Business Gateway)	Variable (depending on Ethereum gas fees and complexity of the transaction)
Transaction Complexity	Standard procedure for all transactions	Could vary greatly; more complex transactions (like those involving smart contracts) could incur higher fees
Additional Costs	Not typically applicable	Potential costs for smart contract deployment, legal compliance, system integration, etc.
Variability	Fixed based on property value	Highly variable, depends on network congestion and specific transaction requirements

This table is a rough comparison and should be taken as an estimate. The actual costs, especially for the blockchain-based system, would depend on various dynamic factors, including the state of the Ethereum network at the time of the transaction.

Other costs to consider include the potential risks associated with the central authority of a traditional land registry system, such as HM Land Registry, acting improperly or recording incorrect transactions. Although this might seem improbable, especially in a well-regulated environment like the UK, the possibility exists. For instance, errors could arise from internal mismanagement or external manipulation, leading to inaccurate or fraudulent property records. In contrast, a blockchain-based system aims to mitigate such risks through its decentralized and tamper-evident nature, providing an additional layer of security against unauthorized alterations or errors in the registry.

Finding a real-world example where the Land Registry or another central entity acted improperly can be challenging due to the nature of these institutions. However, there are documented cases of difficulties and inefficiencies within such systems. For example:

1. Correction of Mistakes: There have been instances where it was difficult to correct mistakes made by the Land Registry. Even when the Land Registry acknowledged a mistake, they couldn't always rectify it without the agreement of the affected property owners. This could lead to complex situations requiring formal applications for register alteration and potential legal disputes​​.
2. Response to Complaints and Access Issues: Complaints have been raised about the Land Registry's response to delays, access issues for non-professionals to its online services, and handling inquiries from customers with disabilities​​.
3. Discretionary Powers and Delays: In some cases, the Land Registry's discretionary powers have been used in ways that have led to prolonged and expensive application processes. This includes instances where the Land Registry's discretion has been used to favor objectors to an application, potentially leading to unnecessary delays and expenses​​.

These examples illustrate some of the challenges and inefficiencies that can arise in a centrally managed land registry system, highlighting areas where improvements could be made.

161.12.100.241 10:46, 1 December 2023 (GMT)