[Misc] Help needed with legal question.

[Uncle C]

I know some of you guys are quite good at this sort of stuff.

A person sells a small patch of land to another person. There is a witnessed bill of sale and money changes hands. Some little while later all parties ensure that the name of the registered owner is changed at Land Registry.

In the eyes of the Law when is the second person deemed to own the land?

 

[Westdene Seagull]

At the point of sale. Compare it to a house sale (which often includes land) - you become the legal owner at point of completion yet Land Registry isn't update for a number of weeks.

 

[Albalbion]

I know some of you guys are quite good at this sort of stuff.

A person sells a small patch of land to another person. There is a witnessed bill of sale and money changes hands. Some little while later all parties ensure that the name of the registered owner is changed at Land Registry.

In the eyes of the Law when is the second person deemed to own the land?

When this bit happens

 

[Gazwag]

Exchange of contract

 

[dazzer6666]

I know some of you guys are quite good at this sort of stuff.

A person sells a small patch of land to another person. There is a witnessed bill of sale and money changes hands. Some little while later all parties ensure that the name of the registered owner is changed at Land Registry.

In the eyes of the Law when is the second person deemed to own the land?

Pretty sure it'll be when the money was handed over - the registration at Land Registry follows completion. Bills of sale aren't designed for land sales though..........should always really be done using a solicitor and proper conveyancing docs. Might have saved a few quid at at the time but if there's a problem now there's no protection for either party.

 

[Tim Over Whelmed]

I'd say at the point funds are exchanged, i.e. point of sale.

 

[Tim Over Whelmed]

....... but I'd love to know why the date of ownership is so important!

 

[Uncle C]

I am guessing there is a legal responsibility to eventually register the new owner at Land Registry with penalty charges if you don't comply in a certain timescale.

 

[Uncle C]

Bills of sale aren't designed for land sales though..........should always really be done using a solicitor and proper conveyancing docs. Might have saved a few quid at at the time but if there's a problem now there's no protection for either party.

I just used the term 'bill of sale' to describe a record of sale. The land has a value of about £100 and a Solicitors fees would probably have doubled or tripled that! TR1s etc have been used in readiness for future registration..

There is no requirement to protect either party as the seller is my wife and the buyer is me

 

[Uncle C]

....... but I'd love to know why the date of ownership is so important!

Its about who is responsible for any subsequent charges on the land.

 

[Herr Tubthumper]

There is no requirement to protect either party as the seller is my wife and the buyer is me

Has she pulled a fast one on you?

 

[Cheshire Cat]

Its about who is responsible for any subsequent charges on the land.

You will pay regardless. That's how marriages work.

 

[Hiney]

Exchange of contracts just means there is a legal requirement for the buyer to go through with the purchase. The land becomes his/hers on completion of the transaction, i.e. when the money changes hands.

Probably

 

[dazzer6666]

I just used the term 'bill of sale' to describe a record of sale. The land has a value of about £100 and a Solicitors fees would probably have doubled or tripled that! TR1s etc have been used in readiness for future registration..

There is no requirement to protect either party as the seller is my wife and the buyer is me

OP helpfully posts further relevant details after seeking responses to a question

 

[Pavilionaire]

I just used the term 'bill of sale' to describe a record of sale. The land has a value of about £100 and a Solicitors fees would probably have doubled or tripled that! TR1s etc have been used in readiness for future registration..

There is no requirement to protect either party as the seller is my wife and the buyer is me

A bit of land worth £100? Whereabouts in Croydon is it?

 

[HHGull]

A bit of land worth £100? Whereabouts in Croydon is it?

It is Croydon

 

[Weststander]

'Tax planning', where the lane had a greater open market value than that?

If so, there was no need for under value, where an exempt gift between spouses.

 

[dejavuatbtn]

'Tax planning', where the lane had a greater open market value than that?

If so, there was no need for under value, where an exempt gift between spouses.

May be an interesting scenario with capital gains tax in the future though.