Land Registry Practice Guide Amendment & April Transaction Data
The Land Registry has recently made amendments to Practice Guide 39, which covers Rectification and Indemnity. This guide is aimed at conveyancers and shows information on how to apply for rectification and compensation which is paid to those who have suffered loss due to a mistake in the register. Rectification of mistakes can be applied for by contacting the Land Registry, but not all applications will receive action from the Registry as there are certain criteria the mistake must meet before it is accepted by the Registry and rectification and compensation takes place. However, there are instances where compensation is awarded without rectification of the mistake.
The recent amendment to Section 11 Maladministration is due to changes to the Chief Land Registrar’s delegated authority to make maladministration payments.
Along with this amendment the Transaction Data for April 2016 has also been released which shows the number of transactions completed at the Land Registry to have fell by around 40,000 from the previous month. The South East continues to top the chart of most applications per region but has also seen a slight decline as with all other regions. This could be a reflection of the slowdown in the property market following the SDLT rush. The EU Referendum is also thought to be creating uncertainty in the market with many people waiting for the result at the end of June before buying and selling. As the market remains uncertain, we could see a further slump in transactions again next month, but there may also be a clearer indication of the affect a possible Brexit would have on the housing market.
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