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The registry contains 87% of land in England and Wales as of 2019. [5] HM Land Registry is internally independent and receives no government funding; it charges fees for applications lodged by customers. The current Chief Land Registrar (and CEO) is Simon Hayes. [6] The equivalent office in Scotland is the Registers of Scotland.
Historically, HM Land Registry also published a separate house price index calculated by Calnea Analytics. It used the HM Land Registry’s data, which consists of the transaction records of all residential property sales in England and Wales. It uses Repeat Sales Regression. The UK House Price Index replaced this release in June 2016.
The principal Acts are the Law of Property Act 1925, the Land Registration Act 1925 (which was largely repealed and updated by the Land Registration Act 2002), the Land Charges Act 1925 (which was largely repealed and updated by the Land Charges Act 1972), the Settled Land Act 1925 and the Trustee Act 1925 (both of which were reformed by the ...
The Land Registration Act 2002 section 27(2) makes registration compulsory for all transfers of land, leases over seven years and any charges. [4] Under LRA 2002 section 27, the consequence of a failure to register one's interest is that it will not bind another person in law who is transferred the property and does register.
Fee simple value (known in the UK as freehold) – The most complete ownership in real estate, subject in common law countries to the powers reserved to the state (taxation, escheat, eminent domain, and police power) Leased fee value – This is simply the fee simple interest encumbered by a lease. If the lease is at market rent, then the ...
Value of land and buildings in the UK from 1995 to 2016 (trillions) [15] Property companies state that land values follow house prices and that a developer assesses what new build house price is achievable in any particular location with reference to prices and sales rates in the second-hand market and on nearby comparable new build sites.
On 16 January 2014 HM Land Registry (which is responsible for the collation and maintenance of records of ownership and charges (mortgages) relating to land/property) has issued a press release informing of a project that it has undertaken for the past two years with a view to the taking over of the local land charges function from local ...
A local land charge is a restriction or prohibition imposed on a particular piece of land, which is binding on current and future owners and occupiers of the land. The purpose of the charge is either to secure payment of a sum of money, or to limit the use of the land. [1] In 1972, the 1925 Land Charges Act was updated into the present scheme.