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 6
Assessing Indemnity:
Interest:
Under paragraph 9 of schedule 8, Land Registration Act 2002 and rule 195 Land Registration Rules 2003, simple interest is payable on the agreed amount of any indemnity.
The Land Registry notes state this will be calculated as follows:
- where the period specified under rule 195(1) Land Registration Rules 2003 starts on or after 10 November 2008, at 1 per cent above the applicable Bank of England base rate or rates;
- where the period specified under rule 195(1) Land Registration Act 2003 starts before that date:
* for the part of the period before 10 November 2008, at the applicable rate or rates set for Court Judgement debts, and
* for the part of the period on or after 10 November 2008, at 1 per cent above the applicable Bank of England base rate or rates.
However, interest will not be paid in respect of periods where the claimant has not taken reasonable steps to pursue the claim or, where relevant, the application for rectification (rule 195(3) Land Registration Rules 2003). This will usually be a point for negotiation between the Property Lawyers and Conveyancing Solicitors for the claimant and the Land Registry.
Costs and other expenses:
Costs and expenses reasonably incurred:
Reasonable costs and expenses incurred are recoverable as indemnity (paragraph 3(1) of schedule 8 Land Registration Act 2002).
The need for the Registrar's consent:
Only costs and expenses incurred with the Registrar's consent are recoverable unless:
- they had to be incurred urgently, and
- it was not reasonably practicable to apply for consent (paragraph 3(2) of schedule 8 Land Registration Act 2002).
Consent is not required in these circumstances.
Where consent is required, it should be sought beforehand but it is possible to ask the Registrar to give approval afterwards. A claimant will, however run the risk that approval will not be given and the costs and expenses in question will not be recoverable.
Therefore Land Registry recommend that, except in the most urgent of cases, Land Registry is contacted as soon as it appears that there may be a mistake on the register (Property Title Deeds) that could lead to a financial loss of some kind. This will enable Land Registry to investigate the matter at an early stage. It will also help Land Registry to ensure that matters are dealt with in the quickest and most cost-effective way, avoiding unnecessary costs.
The Land Registry notes state if consent is refused, those costs and expenses cannot be recovered as indemnity. However, the fact that consent is given does not automatically mean that they will be recoverable. The Property Lawyers and Conveyancing Solicitors for the claimant will still have to show that they are entitled to indemnity and that their claim meets the criteria.
These provisions relate to all costs and expenses that a claimant want reimbursed by Land Registry, including those incurred in pursuing the claim for indemnity. However, they do not apply if the Property Lawyers and Conveyancing Solicitors for the claimant and Land Registry disagree about the claimant's right to indemnity or the amount payable, and the Property Lawyers and Conveyancing Solicitors for the claimant apply to the Court for the matter to be determined. In this case, the Registrar's consent is not required in connection with any costs or expenses relating to those proceedings. The usual principles regarding recovery of costs in connection with Court proceedings will apply and the unsuccessful party will usually be required to pay the other side's costs.
Expenses incurred when a claim is not established:
The Registrar may agree to reimburse an unsuccessful claimant for any reasonable costs and expenses incurred in pursuing the unsuccessful claim. The claimant should have obtained the Registrar's consent before incurring the costs, but the Registrar can still agree to reimburse the costs if the Registrar subsequently approves them or considers that the costs and expenses had to be incurred urgently and it was not reasonably practicable to apply for consent.
Reduction in amount of costs payable:
As with any claim for indemnity, the amount of any payment of costs or expenses may be affected by factors such as lack of proper care or contributory negligence on the part of the claimant (paragraph 5 of schedule 8 Land Registration Act 2002.
(All italics in this page are Crown Copyright and reproduced here for your information with permission from HM Land Registry)
. . continued on page 8 (Property Lawyers and Conveyancing Solicitors in Manchester - Buying a House + Title Guarantee page 8)
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
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Manchester
City Centre Serviced Office - Conference rooms are also
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Ford
Banks Irwin Solicitors | Solicitors in Manchester
Pall Mall Court
King Street
Manchester
M2 4PD
Tel: 0161 866 8574
What our
Clients say about us:
"Again, many thanks for your help. I would recommend your
service to anybody who is about to purchase a property" . . . Professor
J. Kang (Manchester Business School)
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". . . extremely thorough, professional and helpful . . . We would not hesitate to recommend you to anyone looking to purchase / sell a property" . . . Dr L. Hampson (St. Marys Hospital, Manchester)
“.
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