A new Olympic event?

2012 is not just a key date because of the Olympics; it is also the Land Registry’s target date for getting all the land in England and Wales registered. Currently only around 65% of such land is registered so there is still some way to go.   Registration is usually only triggered by a sale or charge but the Land Registry will introduce compulsory registration for all remaining parcels of unregistered land in 2012. However, they want people to act sooner and voluntarily register their land - offering a 25% fee discount to try to tempt you!

So why register?

Security

• A registered title is guaranteed by the State
• It helps protect against adverse possession claims and squatters

Proof of title

• A seller can easily prove their ownership by providing a copy of their registered title, without the need to trawl through historic deeds

Access to information

• The title provides a description of the land, details of the owner, and the rights and obligations that affect the land.
• As the titles are held as computerised records they will be easily accessible

Resolve any issues

• It would be wise to iron-out any issues with regard to missing deeds or boundary disputes at this stage rather than in the midst of a transaction when such issues could result in a deal falling through.
• Large titles can be divided in a sensible manner so as to be more manageable

Cost savings

• There is currently a 25% discount on the Land Registry’s fees for voluntary registration (with further discounts available for bulk registrations) which could represent a significant saving, particularly where you are registering high-value land.
• E.g. from 2012, registering the transfer of a property worth £600,000 would attract a fee of £420 (or perhaps more in accordance with any update in the Land Registry’s fee order); a voluntary registration of this property before that would cost £315.

Is there a down-side?

The price paid and the full names and addresses are shown in the title as is the existence of any legal charge which may not be to everyone’s liking. However, this is currently the case anyway following any transfer and, with the advent of compulsory registration, this will be unavoidable in all cases.

There is obviously an initial cost outlay but the discounts offered by the Land Registry are fairly substantial.

We can offer competitive quotes to get your property registered. For further information, contact Karen James in our Post-Completions Team.