Property Lawyers and Conveyancing Solicitors in Manchester at Ford Banks Irwin Solicitors - Title Guarantee for Land / Properties
Please note: Not to be used or relied upon without legal advice. These notes are for illustrative purposes ONLY.
. . . continued from page 5
Assessing Indemnity:
Valuations:
Maximum values: There are limits on the amount of indemnity payable if the indemnity relates to the loss of Land / Property, an interest in Land / Property or a charge (Mortgage). The Land Registry will attempt to compromise with the Property Lawyers and Conveyancing Solicitors for the claimant.
The Land Registry notes state if the loss was caused by the rectification of the register, indemnity is capped at the value of that Land / Property, interest or charge (Mortgage) immediately prior to rectification. (The fact that the register is to be rectified is ignored for these purposes).
If the loss is caused by a mistake that is not corrected, or a mistake before the register was rectified, indemnity is capped at the value of the Land, interest or charge (Mortgage) at the time the mistake was made. The amount paid may be higher once interest has been calculated.
We cannot comment on these points without a full review of the up to date case law and full particulars of all the facts.
The role of the District Valuer:
The Property Lawyers and Conveyancing Solicitors for the claimant will usually be invited to suggest a figure that they consider will recompense the client for the loss of the relevant Land, interest or charge (Mortgage). This is likely to require the advice of a qualified surveyor or valuer, the cost of which will usually be recovered as indemnity. See section on Costs and other expenses and, in particular, the need to obtain consent beforehand.
If Land Registry wishes to verify the reasonableness of the claim it will ask the District Valuer to provide a report, the cost of which will be borne by the Land Registry. In some instances the claimant may be content to rely on the District Valuer's valuation without seeking their own independent valuation. The Property Lawyers and Conveyancing Solicitors for the claimant will usually suggest an independent valuation.
Land Registry will supply the District Valuer will full details of the Conveyancing history of the matter and an explanation of how the problem has come about. This will ensure the District Valuer has a full understanding of the background to the claim.
The District Valuer's report is confidential and cannot normally be disclosed to anyone other than Land Registry without the District Valuer's consent.
Small areas of Land, for example part of a garden, cannot normally be valued in isolation. It will often be appropriate, therefore, for the parties to agree a valuation based on the difference between the value of the claimant's Property with and without the Land in question.
In cases where there has been a mistake but the register (Property Title Deeds) is not going to be rectified (paragraph 1(1)(b) of schedule 8 Land Registration Act 2002, the District Valuer will normally be asked to provide a valuation as at the date when the mistake that caused the loss was made (paragraph 6(b) of schedule 8 Land Registration Act 2002).
It will often be possible for the Land Registry to reach a settlement with the Property Lawyers and Conveyancing Solicitors for the claimant in the light of the District Valuer's report. However, if there are substantial differences between the two valuations it may be necessary for the District Valuer to enter into negotiations with the claimant's valuer. As the District Valuer will be negotiating on behalf of Land Registry, any agreement that is reached with need the Land Registry final approval.
The total sum paid to the claimant may not always fully reflect the agreed valuation since the claim may need to be reduced in the light of any contributory negligence on the part of the claimant.
A list of District Valuers can be found on the Valuation Office website at www.voa.gov.uk.
(All italics in this page are Crown Copyright and reproduced here for your information with permission from HM Land Registry)
. . continued on page 7 (Property Lawyers and Conveyancing Solicitors in Manchester - Buying a House + Title Guarantee page 7)
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
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