Manchester Conveyancing Solicitors | Ford Banks Irwin Solicitors - The Property Lawyers in Manchester for Buying / Selling House / Flat / Apartment
Please note: Not to be used or relied upon without legal advice. These notes are for illustration purposes ONLY
. . . continued from page 1
Buying and Selling Property / Land
Compulsory applications for first registration
On a transfer of a freehold estate in Land / Property
Registration is compulsory on a transfer of an unregistered freehold estate in Property / Land:
- for valuable or other consideration (section 4(1)(a)(i) Land Registration Act 2002) including a transfer of property with a negative value under section 4(6) LRA 2002
- by way of gift (section 4(1)(a)(i) Land Registration Act 2002) including for the purposes of constituting a trust under which the settlor does not retain the whole of the beneficial interest, or uniting the bare legal title and the beneficial interest in Property held under a trust under which the settlor did no, on constitution, retain the whole beneficial interest (section 4(7) LRA 2002)
- in pursuance of an Order of any Court (section 4(1)(a)(i) LRA 2002)
- by means of an assent including a vesting assent as defined in section 4(9) LRA 2002
- giving effect to a partition of Property / Land subject to a trust of Property / Land
- by a deed that appoints, or by virtue of section 83 Children Act 1993 has effect as if it appointed, a new trustee or is made in consequence of the appointment of a new trustee
- by a vesting order under section 44 Trustee Act 1925 that is consequential on the appointment of a new trustee, or
- in circumstances where section 171A, Housing Act 1985 applies (disposal by Landlord that leads to a person no longer being a secure tenant).
On a transfer of an existing leasehold estate in Land / Property
Registration is compulsory on transfers of an unregistered leasehold estate in Land / Property with more than seven years to run at the time of the transfer (see section 4(2)(b) LRA 2002):
- for valuable or other consideration (including a transfer of Property with a negative value)
- by way of gift (including for the purposes mentioned in section: On a transfer of a freehold estate in Land / Property
- in pursuance of an Order of any Court
- by means of an assent (including vesting assent)
- by a deed giving effect to a partition of Land / Property subject to a trust of Land / Property
- by a deed that appoints a new trustee (in circumstances referred to in section: On a transfer of a freehold estate in Land / Property, or
- by a vesting Order under section 44 Trustee Act 1925 that is consequential on the appointment of a new trustee.
Registration is also compulsory on the transfer of any unregistered leasehold estate in Land / Property, for however short a term, in circumstances where section 171A Housing Act 1985 applies (disposal by Landlord that leads to a person no longer being a secure tenant).
On the grant of a new leasehold estate in Property / Land
Compulsory registration applies to grants both out of unregistered freehold Property and out of unregistered Leasehold Property, that at the time of the grant have more then seven years to run. The Lease granted must be either:
- for a term of more than seven years from the date of the grant
- for valuable or other consideration (including a Lease of Property with a negative value), by way of gift (including for the purposes mentioned in section: On a transfer of a freehold estate in Land / Property) or in pursuance of an Order of the Court
or
- for a term of years absolute to take effect in possession after a period of three months from the date of the grant
Compulsory registration also applies to the grant out of any unregistered title of any Lease for however short a term:
- in pursuance of part 5 Housing Act 1985 (right to buy)
- in circumstances where section 171A Housing Act 1985 applies (disposal by Landlord that leads to a person no longer being a secure tenant).
On a first legal mortgage
Compulsory registration also applies on the creation by the owner of an estate in unregistered Property of a protected first legal mortgage (section 4(1)(g) LRA 2002) unless it is a mortgage of a Lease with no more than seven years to run. A protected first legal mortgage is one that, on creation, ranks in priority ahead of other mortgages affecting the mortgaged estate.
(All italics in this page are Crown Copyright and reproduced here for your information with permission from HM Land Registry)
. . . continued on page 3 (Manchester Conveyancing Solicitors Property Lawyers for Buying and Selling a House 3)
Please telephone Paul on 0161 866 8999 if you require any further information.
Ford Banks Irwin Solicitors
50 Stothard Road
Stretford
Manchester
M32 9HB
Tel: 0161 866 8999
Fax: 0161 866 8333
E-mail: info@FordBanksIrwinSolicitors.co.uk
Or you can use the ENQUIRY FORM (click here).
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Manchester
City Centre Serviced Office - Conference rooms are also
available by prior appointment at:
Manchester
Conveyancing Solicitors | Ford
Banks Irwin Solicitors
Pall Mall Court
King Street
Manchester
M2 4PD
Tel: 0161 866 8574
Please telephone 0161 866 8999 for a free quote.
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