When does legal ownership transfer

[bumper]

Hi

In most conveyancing situations, transfer and legal ownership is transferred on completion of contracts by solicitors.

But I am selling a small plot of land (value £200) to a member of my family and we are doing our own conveyancing.

So when does legal ownership transfer.

1. When money changes hands and a dated receipt confirming new owner is drawn up.
2. When the transaction is recorded at Land Registry

Thanks

[lgfa92]

If it's already registered land then, until ownership is registered by the land registry, they only have an equitable interest in the land and not a legal interest.

[bumper]

If it's already registered land then, until ownership is registered by the land registry, they only have an equitable interest in the land and not a legal interest.

Thanks. So for clarity this differs from the sale of a car where ownership transfers immediately at point of sale even though registration by DVLA of the change may take place a little while after.

[lgfa92]

Thanks. So for clarity this differs from the sale of a car where ownership transfers immediately at point of sale even though registration by DVLA of the change may take place a little while after.

When land contracts are exchanged the buyer gets an equitable interest - i.e. there is a contract of sale. At the point of completion you would have the ownership of the land physically in your possession but the transaction has to be noted (for registered land) with the land registry for you to be noted as the legal owner.

[bumper]

When land contracts are exchanged the buyer gets an equitable interest - i.e. there is a contract of sale. At the point of completion you would have the ownership of the land physically in your possession but the transaction has to be noted (for registered land) with the land registry for you to be noted as the legal owner.

OK, my reading suggests that the term equitable owner and the term beneficial owner are one and the same.

Also once created, the beneficial owner has, from that date, a right to all incomes such as rent, and similarly a responsibility for all outgoings such as taxes, liabilities or council fines.

I am most grateful for your guidance.

[lgfa92]

OK, my reading suggests that the term equitable owner and the term beneficial owner are one and the same.

They are.

The process of registration of registered land is geared to protect those who have some of sort of interest in the land so, assuming there are no other interests that may come up, then it should be straightforward for you.

[bumper]

They are.
The process of registration of registered land is geared to protect those who have some of sort of interest in the land so, assuming there are no other interests that may come up, then it should be straightforward for you.

Straying a little off topic, It's possible, in a Bare Trust to have a person recorded at Land Registry (Trustee) and a Beneficial Owner who does not appear on the Land Registry documentation. This situation can exist for years, so in my case what are the legal requirements to change the name at the Land Registry aside from reinforcing individuals rights.

[lgfa92]

Straying a little off topic, It's possible, in a Bare Trust to have a person recorded at Land Registry (Trustee) and a Beneficial Owner who does not appear on the Land Registry documentation. This situation can exist for years, so in my case what are the legal requirements to change the name at the Land Registry aside from reinforcing individuals rights.

If it is a case of one individual selling it directly to another, the Land Registration Act 2002 requires the ownership change to be registered and the relevant personal details would need to be provided.

[bumper]

If it is a case of one individual selling it directly to another, the Land Registration Act 2002 requires the ownership change to be registered and the relevant personal details would need to be provided.

OK, Thanks so much,

[lgfa92]

OK, Thanks so much,

The Land Registration Rules 2003 set out what proprietor information actually be registered under rule 8- https://www.legislation.gov.uk/uksi/.../contents/made