A Guide To The Registration Process
REGISTRATION AND OWNERSHIP
WHAT TO EXPECT
Was it the house, just a building, an area of ground or a little piece of the country? The answer is probably all of these things. Starting from the ground up you own the area of ground outlined on the plan on the Land Register. Think of it as an area on the flat (sometimes hilly) surface of the earth. You own this and the publication of this on the Land Register ensures that everyone else knows that you own it. Now you’re starting to think that you’ve paid a lot of money for that area of ground, aren’t you. So where’s the value?
Well, first of all, remember that there is a finite amount of ground available that has to go around everyone in the country. Generally, the more people that want your ground then the more valuable your ownership is. We’ve all heard the maxim ‘location, location, location’ – and it’s true that the value is often derived from where the property is. For example, it’s often more expensive to buy property in central London than more provincial areas.
Secondly, it’s likely that the area of ground you bought has a house on it. The size of the area of ground and the size of the property itself has a direct influence on price as you’d expect. If you look at a survey report you’ll see that as well as stating the value of the property, the surveyor will also estimate the rebuild cost of the property. Sometimes the actual value of the property will be many times the rebuild costs or vice versa, usually depending on the demand for the area.
Thirdly, the property may have influence on surrounding properties. For example, there may be servitude’s that add value or areas of shared ownership. This is especially true for flatted homes, where often the area of ground the flats are built on is shared in equal proportions between the owners.
Finally, the real value is only what you are prepared to pay for. To a certain extent, this makes the value less about money and more about, well, more sentimental matters.
Of course, there are plenty of so-called ‘house doctors’ who will recommend you paint your home magnolia and mono-block your driveway to increase the value of your home. These recommendations may also be helpful when it comes making your home more appealing to achieve the best price, but beauty is in the eye of the beholder…
With the support of our professional advisers and business partners we can keep you in the best position regardless of where your conveyancing transaction is within the nation. Our Solicitors can call out to visit you and we can even arrange for some local financial advice or estate agent if you require a wider appreciation of the local market you are selling or buying in.