The Land Registry is in its simplest form is a centralised database of the properties/land throughout England and Wales.
In 1990 the government introduced compulsory registration, not quite a threatening as it sounds! Compulsory registration comes into effect when a trigger event takes place in relation to a property or land. Trigger events are basically events that result in the ownership of the property changing; such as a sale or death of an owner.
Despite compulsory registration having been around since 1990 as of May 2019 the Land Registry only has 86% of the land in the UK and Wales registered.
If your property is unregistered you could be one of the remaining 14% to be added to the register.
It may seem like an unnecessary bit of administration to undertake to register your unregistered property when you are not thinking of selling or transferring your property at the present time, however if you were to do it now there are benefits to do so including;
- Protection against property fraud; any transaction relating to the property will be checked to make sure that it is being carried out by the owner. Once registered you can sign up to be notified of any transactions taking place relating to the property
- A reduced Land Registry registration fee for voluntarily registering the property
- A potentially more straight forward registration process. Any questions that arise can be dealt with by you. You are the person who has the most relevant knowledge of the property
- If any sworn declarations need to be made about the property you will be the best person to make the
- Any future transactions involving the property can progress more quickly than if the property remains unregistered. The Land Registry currently has a processing time in excess of 100 days for new registrations which can have a detrimental effect on the progression of a sale)
We recommend that if your property is unregistered you consider registering your property. We can help you with the process.
Contact the Ringrose Law Residential Conveyancing Team today.