Residential landlords and property investors face new land registration rules. They amend the Land Registration Rules 2003 and come into force on 10 November 2008.
The decision is introduce new legislation follows a consultation on proposals to amend the 2003 rules that ran from October 2007 to January 2008.
The Land Registration (Amendment) Rules 2008 aim, in particular, to reduce the administrative burden on customers and to reduce the risk of fraud.
Most of the new rules amend existing rules but some introduce new practice such as the use of statements of truth as an alternative to statutory declaration, and the removal of additional documents from the general right of inspection.
All the forms prescribed by the Land Registration Rules 2003 will change. However, it will be possible to use many of the old forms for a transitionary period of three months until 10 February 2009. Most of Land Registry's practice guides will be amended as a result of the amendment rules.
A number of respondents to the consultation raised concerns over the proposal to require conveyancers to confirm that they had complied with their professional duties in verifying their client's identity and had confirmation from the other party's conveyancer that he or she had complied with the same duties in respect of their client.
After further consultation with the Law Society and others, this proposal was amended. Generally speaking, a conveyancer sending an application to Land Registry will only be asked to give details of the conveyancer who acted for the other party. The purpose of the requirement is to reduce the instances of property fraud.
The issue of whether completion of the 'declaration of trust' panel in transfers of registered land should be compulsory where there is more than one transferee raises some difficult questions and will be considered by a working party, which will consult further as necessary.
Other statutory instruments also coming into force on 10 November, 2008 make minor consequential amendments to the Commonhold (Land Registration) Rules 2004 and the Land Registration (Proper Office) Order 2007.
