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If a property is referred to as unregistered it means that the property has not been registered with HM Land Registry. The majority of properties are registered and this will mean that the Land Registry holds the important information about the property including the details of owners, mortgages, the rights and restrictions affecting the property and the extent of the land. If the property is unregistered this information will instead be contained in the deeds. The original deeds will be needed to sell, transfer or mortgage the property and the property will then need to be registered with Land Registry. Original deeds are fragile and often easily misplaced. How many times have you put something in a safe place, only to struggle to find it when you really need it?
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Deeds are just the same, they are often stored either with the bank, a solicitor or at home but it’s easy to loose track of them. If you know where your deeds are, you should consider whether your loved ones would be able to find them easily if they should need to after you have died.
One of the benefits of registering your unregistered property now, is that you can save your loved ones the sometimes impossible task of trying to locate your deeds. Likewise, if your property has been registered, it will be a simpler process for your executors to sell the property or transfer it to your beneficiaries after your death.
Prevent Fraud for Unregistered Properties
Whilst more complicated, it is still possible to sell an unregistered property or register ownership of the property without the original deeds and this therefore leaves unregistered property open to attack. Scammers could well be successful in making an application to the Land Registry to have them noted as the owners of the property, or they may be able to sell your property without you knowing by claiming that the original deeds have been lost.
As the Land Registry have a central record of the owners of registered properties, registration reduces the risk of property fraud.
Once the property is registered you can also sign up to the ‘Property Alert Service’ with Land Registry and they will contact you if any applications are made in relation to your property.
Make selling your property simpler
The sale of unregistered properties invariably takes longer and tends be more complicated than the sale of registered properties simply because the information about the property is often spread between multiple deeds. There are more often than not, pieces missing which need to either be located or otherwise dealt with which slow the process. You might find that your conveyancer or solicitor charges extra to deal with unregistered property due to the additional time required to review and handle enquiries in relation to the deeds. Likewise, your buyer will need to register the property on completion of the sale and they too may incur increased legal fees a result. Selling an unregistered property might therefore be less attractive than a registered property.
How do I register my property with Land Registry?
The first step is to locate your original deeds. If you don’t know where they are the best places to start are any previous banks, building societies etc. that you have had a mortgage with and the solicitor that acted for you on your purchase or that drafted your Will. If you cannot locate the original deeds it is still however possible to register the property.
If you require assistance or would like to discuss registering your property, please contact Patrick Cooney on 01394 451034 or at patrick@fairstep.co.uk, alternatively fill out our contact form, and we would be happy to discuss your requirements in further detail.