The Registered System: Registered Conveyancing Flashcards
What are the two main stages involved in the sale of land?
Exchange and Completion.
What happens during the exchange of contracts stage in land sale?
Parties enter into a contract for the sale of the land.
What happens during the completion stage in land sale?
Parties execute a deed to transfer ownership of the land. If the land is registered, the deed is a transfer form.
What did the Land Registration Act 2002 and Land Registration Rules 2003 replace?
They repealed the Land Registration Act 1925 and the Land Registration Rules 1925.
When did the Land Registration Act 2002 and the Land Registration Rules 2003 come into force?
October 13, 2003.
How does a seller prove ownership in registered conveyancing?
By showing the buyer an official copy of the entries on the register at the Land Registry.
Is the Land Registry open to the public?
Yes, the register of titles to land is maintained by the Land Registry and is open to the public.
Is historical ownership relevant in registered conveyancing?
No, historical ownership of the property is irrelevant.
What does the property register contain?
Description of land, legal estate status (freehold/leasehold), and rights benefiting the land.
What does the proprietorship register reveal?
Details of legal owners, price paid by current owners since 1 April 2000, and any restrictions.
What is recorded in the charges register?
Rights that burden the land, such as restrictive covenants, easements, and mortgages.
Does completion of a transfer immediately transfer the legal estate in a registered title?
No, the legal estate remains with the seller until the buyer’s name is put on the register as the new owner (s 27(1) LRA 2002).
What are the names of the three registers of title at the Land Registry?
- Property register,
- Proprietorship register,
- Charges register
What was the purpose of introducing the system of registered titles?
To remedy the problems with the unregistered title system through a body called Land Registry.
How is England and Wales divided for the purposes of land registration?
Into administrative areas, each with its own centrally funded district land registry.