Lawyers in Wrexham have welcomed the Chancellor's changes to business rates announced in this week's Autumn Statement.
Solicitors at a leading North Wales and Shropshire law firm have expressed bitter disappointment that the Chancellor did not announce a reduction in Stamp Duty for homebuyers when he delivered his Autumn Statement today.
Q: I want to divorce my husband, move away and start a new life. The problem is that I am a partner in our business. Although I ceased to have an active role when I had our children I helped set the business up and worked hard in it for many years beforehand. Because of this I obviously want my share of the business assets, but I am concerned that taking them in the current financial climate will do neither the business, nor either of us, any favours. Is there a way I can go ahead with the divorce and still protect my interests in the business if I leave that side of things as they are for the time being?
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Title to less than three quarters of land in England and Wales is currently registered at the Land Registry. This is because until the 1900’s there was no compulsory requirement to register, and at that time, registration was only compulsory when land was sold or mortgaged. More recently, the requirement to register has been triggered on completion of certain leases, the transfer of property by gift or on death and on changes of trusteeship where property is the subject of a trust.
Now, however, the Government is encouraging more and more people to make voluntary applications to register their titles. The Land Registry is currently offering a discount of approximately 25% on the fees which would otherwise be payable on first registration.
Whilst an unregistered title remains perfectly acceptable where none of the compulsory triggers apply, there are advantages in having your title registered:
1. The Land Registry fee for voluntary registration is less than payable for compulsory registration.
2. Once the title has been perfected by registration, then loss or destruction of the pre-registration deeds will not affect the adequacy of your title.
3. The title to your property is guaranteed by the state.
4. On a subsequent sale, the process is quicker and simpler.
5. Registered titles are better protected against squatters than unregistered titles.
Whilst there is a cost in registering a property with the Land Registry, the fee is less for voluntary registration. Finding out whether a property has been registered is, of itself, a relatively easy process. However, undertaking an application for first registration is a process which many often prefer a solicitor to attend to on their behalf.