Since the introduction of the Land Registration Act 2002, certain transactions have automatically triggered the first registration of a property or area of land. Such transactions trigger registration where the land/property has been sold, a lease has been granted, a new mortgage entered into or the property has been transferred to a family member or beneficiary on the death of the owner.
However, the Land Registry have stated that approximately 20% of land in England and Wales is still unregistered.
You may ask why it is important to register your land if you do not intend to deal with it now and the following points set out the benefits of being an owner of registered land over unregistered: -
- Provides clearer legal evidence of the detailed title
- The registered title is guaranteed by the Land Registry - if the Land Registry has made a mistake or omission when dealing with the registration you will be able to seek compensation from them if this causes loss to you.
- Provides certainty and security as to ownership
- Will uncover whether any third parties have claimed land you believe to be in your ownership especially with the development of more residential properties in rural areas
- The Land Registry will send notices to a registered owner if any third party tries to claim ownership of the land
- The Land Registry will produce a title plan based on the Ordnance Survey to set out the extent of the property rather than relying on old plans from the title deeds
- Reduces the amount of title documents when dealing with the property (which could result in less legal fees!)
- Helps speed up conveyancing transactions
- Can attract a wider range of potential buyers who do not want the hassle of dealing with unregistered properties
- Helps prevent fraud
An added benefit of applying for voluntary first registration is that the Land Registry will offer up to 25% off their current fees for registration in their continuous campaign to get the whole of England and Wales registered.
Based on the discounts available, the Land Registry’s fees range from £40 to £690 depending on the value of your property or land with savings ranging from £10 to £230.
If you are interested in registering your property/land and would like some further information, please contact Keri Burton on 01245 228138 or email@example.com