The Government Land Registry is a governmental department in the UK that was put into action in 1862 with the purpose of serving and protecting land owners. Homeowners and land owners register their property with the Land Registry, as it is often called, for the purpose of filing a document that outlines exactly the amount of land or property owned. The document is then used when ownership is transferred, when it is improved, or when ownership needs to be proved.
With technology the Land Registry has been able to computerize the important land ownership documents in their care. This is helpful to homeowners that are trying to remortgage as the information needed is readily available and easy to find. Information on documents obtained from the Land Registry can be used in a valuation to help determine value of a property and it can be used to prove ownership of a property. In essence a homeowner can look at the Land Registry as a governmental department that is assuring the protection of their property asset. By having the ownership of their land registered with the Land Registry no one can dispute that the homeowner or landowner does indeed own the property and every bit of the property up to the line defined in the registry documents. This means any value located on the property such as forest or an out building can be proven to belong to the rightful owner as well as the full area of the property.
The Land Registry defines their role on their Web site as:
“Land Registry is the government department responsible for the land register (and associated property registers) for England and Wales, which serves as the basis of the state guarantee of property ownership.
“Land Registry is the comprehensive source of core residential and commercial property information (including ownership, charges, rights and sale price) and offers a range of products and services to both citizens and businesses within a regulated framework, which ensures fair pricing, equitable access, efficient delivery and a commitment to meeting customer needs at an acceptable cost to both Land Registry and the customer.”
The amount it costs to register a property with the Land Registry is revised when necessary by the government. Costs are minimal and are charged according to a scale. The date of the last revision of fees as well as the current registry costs can be found on the Land Registry Web site.
A homeowner will come into contact with the Land Registry when trying to obtain a remortgage when the lender requires information on the property for which a remortgage is trying to be secured. This is because the lender wants to make sure the property value can be fairly and accurately determined as well as making sure the borrower is indeed the owner of the property and has a right to obtain debt against the property. The fees associated with the Land Registry are rarely considered substantial costs in remortgaging, but should be considered all the same when trying to determine the total cost of obtaining a remortgage. The fees can be determined and shared with you by your remortgage broker or lender.
