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Trustee Landowners – in the Land Registry’s Sights? The Land Registry is currently consulting on proposals to increase the amount of land in England and Wales that is registered. Currently, a little over 60% of land is registered but the Land Registry’s ultimate aim is to ensure that all land in England and Wales is registered. Many landowners will be aware that the range of transactions which “trigger” the need to register land has gradually increased over the years. In 1990, it became compulsory to register land whenever it was sold or a mortgage was granted. In 1997, it also became necessary to register land if it was given away or inherited. However, the Land Registry is aware that a considerable amount of land is held in unregistered form by trustees, and it proposes the introduction of two new triggers for registration:
The Land Registry believes that registration provides real advantages for owners. It consolidates historical information, helps prevent the owner protect it from encroachment and can speed up and reduce costs of sales or transfers of the land. It also provides a state backed guarantee and avoids the risk of losing or damaging key deeds. Detractors say that there are issues of privacy; for instance the register shows how much buyers paid for their property. As well as the statutory triggers that require land to be registered, landowners can opt to register land voluntarily. The Land Registry discounts fees by 25% for voluntary registration; the fees are based on the value of the land. For advice and guidance on whether you need to register land, how to do it, or how to keep documents off the public register, please speak to Clare Simmons or Lucienne Sutton. |
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