HM Land Registry is the single authoritative source of ownership data for UK property and land, holding records of all transactions associated with each property or piece of land. In this way, a thorough audit trail exists, helping to prevent disputes from arising and providing clarity through the conveyancing process upon each subsequent transaction.
What information does HM Land Registry hold?
HM Land Registry holds legal documents pertaining to property and land ownership, boundaries, rights and restrictions, and historical transactions. The information held by HM Land Registry is the authoritative source of property ownership in the UK, providing confidence to sellers, buyers, and their financial and legal representatives as they progress through the conveyancing process.
Any time a property or piece of land is sold or the beneficial interest transferred, HM Land Registry must be notified so that its records can be updated.
Why and how would a beneficial interest be transferred?
In some circumstances, a deed of assignment is used to transfer beneficial interest in a property to a third party to benefit from tax efficiencies This is often the case with an investment property, such as a buy-to-let or a holiday let, where the joint owners are in different income tax bands and splitting income in a manner other than 50/50 results in an overall reduction in tax paid.
This process is usually conducted by solicitors such as https://www.parachutelaw.co.uk/deed-of-assignment, whose role is to ensure the process is conducted lawfully and that HM Land Registry’s records are appropriately updated.
How to make sure HM Land Registry deeds are accurate
During the conveyancing process, it is essential that correct information is submitted to HM Land Registry. Administrative errors will either cause a delay while they are rectified or be entered incorrectly into the system and need a later amendment to correct them.
Engaging the services of an experienced solicitor will also help to prevent delays from misunderstandings and mistakes, as solicitors are well versed in the HM Land Registry processes and requirements and will ensure their clients’ paperwork is accurate prior to submission.
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