His Majesty's Land Registry is a non-ministerial department of His Majesty's Government, created in 1862 to register the ownership of land and property in England and Wales. It reports to the Department for Business, Energy and Industrial Strategy. HM Land Registry is internally independent and receives no government funding; it charges fees for applications lodged by customers. The current Chief Land Registrar (and CEO) is Simon Hayes. The equivalent office in Scotland is the Registers of Scotland. Land and Property Services maintain records for Northern Ireland. Purpose HM Land Registry registers the ownership of property. It is one of the largest property databases in Europe. At the peak of the property boom in 2007, £1 million worth of property was processed every minute in England and Wales. Like land registration organisations in other countries, HM Land Registry guarantees title to registered estates and interests in land. It records the ownership rights of freehold properties, and leasehold properties where the lease has been granted for a term exceeding seven years. The definition of land can include the buildings situated upon the land, particularly where parts of buildings at different levels (such as flats) are in different ownership. It is also possible to register the ownership of the mines and minerals which lie within the ground, as well as airspace above property where this is in separate ownership. Until April 2020, HM Land Registry received no government funding, being required to ensure that its income covers expenditure, and finances itself from registration and search fees. As of April 2020, HM Land Registry receives a budget from HM Treasury which is offset by the fees the Land Registry charges. This change was the result of HM Land Registry's trading fund being revoked. It provides online access to its database of titles (ownership and charges or interests by other parties) and most plans (maps). People need to pay a fee to access some information. Property owners whose property is not registered can make voluntary applications for registration. As of March 2016, there are 24.5 million registered titles representing 88% of the land mass of England and Wales. Registration of land under the Land Registration Act 2002 affords property owners some protection against squatters as well as avoiding the need to produce old documents each time a property changes hands. Benefits of land registration According to HM Land Registry: Registering a title provides a "Title