There are two forms of property registration in Ireland, the fist of these is the Registry of Deeds system, which records deeds known as unregistered title. The registry of deeds records the existence of deeds effecting property. The registry of deeds merely records, the existence of the deed. The original title deed is returned to the lodging party. Unregistered title will comprise of a bundle of old title documents, and your solicitor must trace the title to ensure that you the client have good title to the property in question title.
Unregistered title deeds must be recorded in the registry of deeds in order to guarantee that deed legal priority over any deeds that have not been registered previously or anything that is subsequently registered.
The second system of registration of land ownership is the registration of title system which provides you with state guarantee title to your property. Property that is registered in the Land Registry is known as registered title. Property registered in the Land Registry has what is known as a folio number. The folio will record information in respect of the name and address of the registered owner, the type of ownership whether absolute title, leasehold title or possessory title. It will also record any burdens effecting the property such as mortgages or any other charges registered thereon. A map, known as a filed plan of the property is attached to the folio. Once the property has a folio number, every subsequent transaction in respect of that property is then recorded and registered on that folio.
Almost 90% of the legal title in Ireland are now registered in the Land Registry therefore, the vast majority of property in Ireland is now registered title. Furthermore, the registration of title Act 1964 has now made it compulsory to apply for registration in the Land Registry of unregistered title where that property is subject to a transaction for value (e.g. sale) the purpose of compulsory registration is to ensure that all property in Ireland eventually becomes registered title and will see and end to the old registry of deeds unregistered title system
The land registry rules provide that all conveyances and assignments on sale must be registered by the purchaser within 6 months of the date of the purchase
An owner of unregistered title who wishes to proceed with first registration in the land registry in order to obtain a folio number can do so by instructing their solicitor to prepare a statement of title which details, chronological order, how the title has devolved to the applicant listing the various deeds on title in which the applicant relays upon to support its claim to have good marketable title to the property.
The advantages of holding registered land:
- Proving title is a simpler processes as there will no longer be a bundle of title documents as these will be replaced with a folio number.
- Land registry title is state guaranteed. If it is a established that there has been an error in the registration, any person who suffers a loss due to the onerous registration is indemnified against such loss by the state
Call us today where one of our experienced conveyancing practitioners can assist you with a title review and subsequent application for first registration in the land registry we can be contacted at McElhinney & Associates, Drumboe Lodge, Stranorlar, Co. Donegal on 074 91 75989 or [email protected]
*In contentious business a Solicitor may not calculate fees or other charges as a percentage or proportion of any award or settlement.
**This information is for guidance purposes only. It does not constitute legal or professional advice. Professional or legal advice should be obtained before taking or refraining from any action as a result of the contents of this publication. No liability is accepted by McElhinney & Associates for any action taken in reliance on the information contained herein. Any and all information is subject to change.