With 16 per cent of land in England and Wales remaining unregistered, the Land Registry is keen to encourage voluntary first registration by offering a discount on its fees. But what would this mean for the landowner, and is it worth doing?
Is your land unregistered?
There is a high possibility that your property may be unregistered if it has not been sold, inherited, transferred or mortgaged within a number of years. If you transfer, mortgage or purchase an unregistered property it will then be compulsory to register it at the Land Registry at the full rate.
Additionally, as the percentage of unregistered land continues to decrease there is the prospect of compulsory registration which may be at an increased cost.
Five advantages of voluntary registration
There are a number of advantages to registering your land:
1. Security – Registered titles will be guaranteed by the state and registration provides greater protection against the possibility of losing title by adverse possession.
2. Evidence of ownership – Registering title provides an up to date record of who owns the land, eliminating the need to examine the past history of the title.
3. Reduced future costs – Registering a title should also reduce future conveyancing costs, as it simplifies the conveyancing procedure.
4. Clarity – You will receive a copy of your title including a Land Registry plan that will show the extent of your land.
5. Certainty – Deeds can no longer be lost thus, giving certainty and peace of mind.
The cost of registering your property will vary on a case by case basis depending on the value of your property.
Ben Delany is a paralegal in the commercial property team at Stephens Scown in St Austell. If you would like to make an appointment to discuss voluntary registration, we will not charge for the initial meeting. This is part of our on-going service and commitment to our clients. If you would like to discuss any of these matters further please call Ben on 01726 74433 or email firstname.lastname@example.org.