The Land Registry Registration Fees This Form Should Only Be: Fill & Download for Free

In the UK, it's pretty much been relegated to 'second charge' loans.The concept of a 'first charge' loan is that the person making the loan has a legally-registered interest in the property. The owner of the property isn't allowed to sell the property without paying off the loan in the process (or by getting the lender to waive this provision.)A charge has to be registered with the Land Registry, and thus is subject to inspection by any member of the public, and more importantly, by the lawyers or conveyancers working for both buyer and seller. It should also be noted that the buyer's solicitor also has a legal duty to any lender involved in helping the buyer finance their purchase... and these lenders are very keen to make sure that the other lenders who already have charges get paid first.However, taking a first charge on a property that is (at least 40%) used by the owner or a 'connected person' is a regulated activity - that means you need an appropriate FSA registration, with all that entails. Even being a mortgage introducer - where you don't actually participate in the loan, but just put borrower and lender together is regulated in the same way.So, the UK property finance market has pretty much responded by keeping the 'P2P' portion of the industry playing in the 'second charge' space.A second charge means that you have the same rights as the 'first charge' loan holder... but only after the first charge holder has taken their fees. Think of it like a queue - first charge holder gets paid first... then second charge... then third etc... and finally the 'owner.'In the early 2000s, when the markets were booming, there was a lot of this action around. Many a property developer took out an 85% mortgage on 5% interest with a traditional bank, but also took out a 15% 'second mortgage' with a small group of private-money people to fund the rest of the purchase (often at 1-2% per month), but intended to refinance the property after a few months on an 85% basis of a new, much higher, valuation (based on very little actual work - just a booming market and tame valuer) and as long as the markets kept booming, the merry go round carried on.The markets are not booming - people offering second-charge P2P loans are still around, but want an awful lot more due diligence, and have to be very, very careful to ensure that they aren't left holding the only charge on the property, pushing them into a regulated activity.Most (all?) UK P2P finance companies are, therefore, staying well clear, and it's left to 'investment clubs' to lend in this space.[Declaration - I work for FundingKnight.]

Every person, who has ownership rights of immovable property and is recorded as such in records of rights or other public documents in which record of ownership is entered or maintained, is considered, as legal owner of immovable property and is entitled to transfer such property, either wholly or in part. Any person though not the owner of immovable property but legally authorized by its owner to transfer the same is also competent to transfer such property. Possessor of immovable property may claim ownership of the property however mere possession of an immovable property does not mean that the person is the real owner of the property. Title of immovable property, as you would appreciate, may be acquired either through purchase, long-term lease, gift or by way of inheritance etc. In order to ascertain the real owner in possession who can sale the property, it is particularly necessary to examine the records of rights or other public documents in which record of ownership is entered or maintained.Confirm the record of rights from the Land OfficeLand administration system in Bangladesh separates records of ownership and records of revenue as such. We have Land Records Offices for land records, surveys, publication and maintenance of records under the directorate of land records and survey, Ministry of Land. Bangladesh also has Land Revenue Offices under Ministry of Land. There are 11 administrative offices in each upazila (sub district). There are 64 districts in Bangladesh but only 61 of them have registration facility.Three hill districts do not have registration centers. In Dhaka, the district land registration office has 13 Sub-registrar offices under the Ministry of Law.Check & Verify Bia Deeds, Khatiayans & Mutation of the property in favour of the SellerIf the present Seller obtained the land through Purchase, the present purchaser should first see all such Sale Deeds (Bia Deed) to ascertain chain of ownership and it is desirable that at least 25 years chain of ownership should be clearly determined.The second step is to seek documents in the form of Khatain from the Seller. The purchaser should check the Khatiayan records (C.S., S.A. R.S., B.S./City Jarip) as supplied by the seller and needs to verify through the lawyers whether documents supplied establishes ownership (either through purchase or inheritance) in favour of the seller. It is to be noted that draft/Khosra Khatiyan supplied by the seller is not eligible to verify the record and purchaser should ask for copies of certified/printed Khatiyan.Purchaser also should verify the Khatiyan with the records at the Deputy Collectors Office (there has been long tradition of fabrication of Khatiayans by prospective sellers). Specific importance should be given to the last two Khatiyan of the concerned property.Physical SurveyMost importantly, the Purchaser should conduct physical survey of the land. This will also provide the current conditions and verify the possession of the land.Verification of payment of Ground Rate of the PropertyPurchaser should also ask the Seller to furnish record of payment of updated Ground Rent for the prospective land. It is to be noted here that if the Ground Rate is not clear, the sub registrar’s office may refuse to register the property in favour of the seller.Multiple Sellers & AttorneyIn case of land is recorded in the name of the predecessor of the seller, Warishan certificate, issued by the representative of the local government in favour of the sellers has to be checked.Also, if the land is sold by some of the successors (Not all), Registered Deed of Partition/Bia Deed has to be checked.In case the land is sold by authorized attorney, Registered Power of Attorney is required.Obtain the non-encumbrance certificate from the relevant sub-registry officeThe buyer should check the legal status of the land (mortgaged or leased or ownership) at the relevant Sub-registry office. From January 2012 onwards, both Sub-registry and Land Revenue Offices provide non-encumbrance certificates. Sometimes land report is required.A land report gives an idea about the current status and ownership of the land that may include chain of ownership, land tax, land record, registry status etc, whereas a non-encumbrance certificate is used in property transactions as an evidence of entitlement of the property.Prepare deed of transfer and pay stamp dutyA lawyer may prepare the transfer deed, but it can also be prepared by the parties themselves. The deed must be prepared in stamped paper that should cost 3% of the property value to get it. This represents the stamp duty. Also, any Baina Deed executed between seller & purchaser needs to be registered as well.Pay capital gains tax, registration fee, VAT and other taxes at a designated bankRegistration fee is payable to the bank in favour of the sub-registry office and the receipt is to be presented at the moment of applying for registration.The buyer has to pay the local government tax to the concerned city corporation or municipality offices. Furthermore, a capital gains tax (CGT) and a VAT of 1.5% (applicable only for municipal corporation area payable by private housing and flat developers and commercial businesses) have to be paid at this stage. Capital gains tax is not applicable in rural areas for agriculture.Apply for registration at the relevant Sub-registryAt this stage, the buyer may apply for registration at the concerned Sub-Registry Office, presenting the receipts of payment of the registration and other fees. A certified registration document is obtained within a week for the buyer’s record. The original sale deed/certificate requires about six months to be obtained.Register the change in ownership at the Land Revenue OfficeThe change of ownership must be registered in the Land Revenue Office. The property is recorded under the name of the new owner, who is responsible for paying the land taxes from the day the property is transferred. An application is required to be made to the concerned AC with particulars of the property. The assistant commissioner will forward the same to the concerned Tahsil office who are responsible for conducting the relevant survey and providing a report to assistant commissioner of land. Upon satisfaction of the report, AC Land will issue Mutation Khatiyan in the name of the new owner along with a Duplicate Carbon Receipt (DCR). In the application form the applicant must clearly mention the name and address of the applicant and the transferor, detail description of the land and its surrounding boundary, size, nature and identification of the land, registered deed number and date of such registration. Moreover, the applicant ought to affix copy of main deed, via deed, copy of Khatiyan, receipt of payment of land development tax, proof of means to acquire the ownership i.e partition deed, copy of the decree or judgment obtained from competent court (if any), passport size photograph of the applicant etc. with the application. It is noteworthy to state that no middleman or extra money is necessary to do mutation of land. However, now 60 days is fixed to finish the whole process of mutation in metropolitan area and 45 days for any other region.If the AC (Land) refuses to mutate the name of the applicant for default of document or for any other reason whatsoever, the aggrieved applicant can apply to the Additional Deputy Commissioner (Revenue) within 30 days from the date of such refusal. However, anyone can apply further to the Additional Divisional Commissioner (Revenue) within next 30 days against the impugned decision of the Additional Deputy Commissioner. Finally the complainant has another forum to appeal to Land Appeal Board within 90 days against an impugned order given by its immediate inferior authority. A person can also file a request for review within 30 days from the date of first refusal, however in that circumstances, right of appeal is lost.Recording the Land in latest survey (B.S./City jarip)The land purchased should be recorded, if possible, under the latest survey (i, e. B.S. Jarip or City Jarip) if the said surveys are being conducted in the locality the land is situated in the name of the present owner.Additional requirements for Specific kind of land/s (Waqf, Lease, Khas Land)1. In case of Waqf property, prior permission of Waqf Administrator is mandatory to transfer or mortgage the property, also the Sale Deed has to be executed by the authorized Mutawalli.2. In case of Lease property from RAJUK/CDA (Rajdhani Unnayan Kartripakkha) every time the property is transferred, permission from Ministry of Housing & Public Works is required.3. In case of Khas land, the property can not be sold or mortgaged. This matter must be inquired before purchasing of any kind of land whether the land is Khas land or not.4. In case of land of Shikosthi Jorip (river eroded Land) it is very difficult to get mutation of that specific land. So, it is to be inquired whether the land is under Shikosthi Jorip or not.

Buying and owning real estate is an exciting investment strategy, that can be both satisfying and lucrative. Unlike stock and bond investors, prospective real estate owners can use leverage to buy a property by paying a portion of the total cost up front, then paying off the balance, plus interest, over time. While a traditional mortgage generally requires a 20% to 25% down payment, in some cases, a 5% down payment is all it takes to purchase an entire property.But what if you could buy a future property at today’s prices? Let’s say you are looking to invest in real estate today, but are not ready to deal with any of the hassles real estate investment comes with, like neighbors, or renters, or maintenance and repairs. Pre-construction condo investing probably sounds like a good solution. Is it risky? Yes, anything not done with proper research and data is a sure risk but if you do your research and work on it the reward is worth it.What is Pre-construction condo InvestingPre-construction condos are cheaper because the developer is still fundraising and would like to get as much money as possible before breaking ground. You also may be able to have a say in your actual floor-plan, effectively designing your own home, which you can’t get with a finished property.When you invest during the pre-construction phase, all you have to do is wait a couple of years, and the value of your condo will have gone up significantly. And you won’t have any property related expenses during that time.Of course, there are many things you have to take into consideration, and you should certainly not rush into this kind of a decision. As we said earlier, pre-construction condo investing can be risky, but a lot of research can eliminate most of the risks, living you with a fantastic reward.BenefitsIf you are patient and there is no hurry to move right away, the pre-construction condo is the best opportunity for you.Early investors are also more likely to be offered options on splitting deposits. So, rather than paying the full 20% up front, there are more likely to be options for paying 5% quarterly, depending on the developer. That leaves you more money in the bank to keep earning interest, which is a useful benefit for smaller or first time investors.Other than the possibility to design your own floor plan, you should also be able to get the upgrades you always wanted, turning this property into your dream home. A dream home that someone else will build for you.As an early investor, you are more likely to get a pick of the premium units with the best views or access to facilities. Those little extras will help sway or help you have a more competitive rent when it comes to tenants if you plan on renting it out later. It will also help increase the value of your property if you plan on selling.FactsHere is a Fact that might be something you are looking for.According to the Toronto Real Estate Board, the average price of a Condo in Toronto in 2015 was $366,939. In 2018, the average price rise to almost $900 to $100 per square foot depending upon the location. This means the same Condos will now be priced between $630,000 to $700,000. This means the Condo prices in Toronto increased by about 55 percent in the last four years.Every market is different, of course, not all the condos in every city increase at the same rate, but condos in a big city will likely appreciate at a fairly steady rate.Also, with pre-construction condos, your buying price is lesser than the current price of finished condos, which means that your condo will be ready to make you quite a bit of money once it’s actually completed.Consider these ThingsThere are some cost and important things need to be considered before making a buying decision. Here are some of the things you need to knowWaitIt is not uncommon for targeted move-in dates to be extended several times and by many months, as a builder could legally cite "unavoidable delay" situations, such as building-trade problems.Mortgage Lock for a longer timeBuilders tend to work with preferred mortgage providers, who, if you qualify, would give you a special interest rate locked in over an extended period, compared to what a lender not associated with the builder would allow. Check whether the expiry date for the locked-in rate has a chance of being extended if your home's completion is extended. You also do not have to stick with the lender preferred by the builder.HSTIn the case of new condos, HST is applied. If you’re going to live in the unit yourself, you’ll likely qualify for an HST rebate. If you’re an investor, there is a similar (but different) rebate, but you’re only eligible if you rent the condo out for at least a year, If not, you may have to pay thousands of dollars in HST upon closing. Get the legal advice about whether you qualify for the HST rebate before you buy a condo.Closing CostYour real estate, legal and mortgage professionals can help you determine how much extra you will be paying in closing costs – which are on top of what you are paying for the home itself. Roughly, these extra costs can add from 1 to 3 percent or more to the price of your home, and typically include legal fees, enrolling in the provincial warranty program, title insurance, property tax adjustments, and land-transfer taxesRent before OwnIn the case of a pre-construction condo, you do not officially own it until the building is registered – which happens when it is mostly all lived in and passes conditions set out by the provincial land registry office. The registration process can take three months or longer, after which the title of your condo will be transferred to you – and that is when any mortgage or other payments you make are put towards ownership. While awaiting registration, you will be able to move in – during this "interim occupancy" period, you must pay monthly "occupancy fees"There are risks in everything but if proper research is done you can easily avoid these risks and get the benefit of one of the most rewarding investments.Read EverythingMake sure you read and understand the contract. Make sure you understand the payment plan. Make sure you look for any additional costs, outside of the contract. Also, research the developer, their previous project, and read all you can find about them. Make sure they’ve been successful in the past, with their previous developments.Ask QuestionsYou are an investor in a construction project, which means the developer should be going out of their way to accommodate you and your questions. Take advantage of this, and ask anything you think will be useful for your research. Also, look into finding people who have invested in projects with the same builder, and who have already moved into their condos. Their advice will be invaluable.ChangesYou are picking floor plans, and views, and kitchen counters ahead of time, but be prepared for one or more of these things not to turn out exactly the way you wanted them. This happens a lot in construction.DelaysIt is likely that there will be delays. Add a year or two to your expectations, and you should be fine. That’s just another year or two your property will be appreciated without any additional investment.Get Professional HelpMake sure a lawyer looks at the contracts, and you may even want to hire an intermediary company to deal with the developer for you. They are likely to already know all the best developers, their reputation, and can negotiate for you.ConclusionAnything will be a profitable investment if proper research is done. Investing in Pre-construction condos is one of the best and safest forms of investments. While the condos are constructed they appreciate their price and in some markets reach beyond your expectation. It is one of the best and safest ways for new investors to start their investing venture.