Continuing on last week’s blog ‘Why Register Your Property? Part 1 of 2’, here are 4 other reasons for an individual to consider doing so. Firstly Protection, since registering your property will enable you and the Land Registry to have copies of the deed, therefore if you lose or destroy your deed you can always apply to get a new copy. Forgery is also possible and that’s where you need your deed to prove your legal ownership. Also if a deed is not present it can be difficult to to execute a sale due to buyers not feeling safe as the seller cannot provide a deed.
Another crucial reason to have your property registered is to use it as Collateral against a loan. If you are interested in getting a loan, you cannot use your estate as collateral unless it is registered and you have a deed proving proof of ownership as banks and financial institutions demand properties to be registered.
Dispute regarding properties – Having your property Registered makes the identity of the land owner clear and who is currently in lawful possession of the land. This will help protect the owner from anyone trying to take unlawful possession of the property in addition it will also stop fraudulent sales by scammers
A final reason to register a property is the Increase in Market Value of the property. Registered lands usually have a higher market value due to tilted documents being genuine with a reduced risk of boundary disputes. These titled documents can also be used as security for bank credit.
To conclude, registering your estate plays a huge role in having a chance of sale and also increasing the market value. Nonetheless it will also make you avoid any headaches that are caused by disputes from others claiming ownership. Therefore having your land registered will save you time and money.
Find out more about land registration on www.PropVat.com