In this article we deal with Voluntary First Registrations and Reduced Land Registry fees.
As part of a continuing drive to promote the voluntary first registration of those remaining unregistered properties, the Land Registry offer a reduced fee for voluntary first registration applications. By way of background, the majority of properties are now registered with the Land Registry which means that title details and evidence of the ownership are lodged with the Land Registry and guaranteed by them. There are certain trigger events, such as sales, which result in the compulsory registration of properties and in recent years many properties have therefore been registered. If, however, your property has not been sold or changed hands for many years then it is possible that it is unregistered and it is worth considering whether to make a voluntary first registration application. There are numerous benefits to proceeding with a voluntary first registration:
– Storage – the Land Registry will electronically store the title details negating the need to keep the title deeds lodged in a strong room or bank for safe keeping;
– Protection – registration is the best way to protect your ownership and ensure that the Land Registry requires your involvement in any sale or mortgage of the property;
– Protection – registration minimises the risk of future adverse possession (“squatters’ rights”) claims;
– Future Sales – it ensures that any queries over your title can be resolved prior to any future sale: sales can be held up or even fall through due to queries over the title which could have been resolved in advance by voluntary registration;
– Getting your affairs in order – registration means that your property affairs are in order and will be more straightforward for your Personal Representatives to deal with.
If you would like to discuss the possibility of a voluntary first registration application then do contact us for a no obligation conversation and we will be able to give you an estimate of the legal fees and Land Registry fees payable.