THE PROPRIETORSHIP REGISTER
This contains the name and address of the person registered as being the owner, that is, the registered proprietor. In addition, under the heading: ‘Proprietorship Register’ should appear the words Title Absolute’. This means that the person whose name is entered in the register is guaranteed to be the owner, and his title to the property cannot be challenged. This is the main point of having a registered title; the person who first registered that property had to satisfy the Land Registry that he really was the owner, and that there were no snags that could arise.
Having done so, he became registered as the owner with title absolute. It is possible for an “applicant to fail to satisfy the requirements of the Land Registry about title. If this happens, the Registry may allow the applicant to register his title, but not with title absolute; he will instead be given what is called a possessory title. If, in the heading to the proprietorship register, the words ‘Possessory Title’ appear, instead of the words Title Absolute’, the position of the buyer is not much better than that of the person buying a house which does not have a registered title at all.
In the case of leasehold property, the heading to the proprietorship register may state that the owner is registered either with title absolute or with good leasehold title. In practice, good leasehold, unlike possessory title, is acceptable.
Whether the title is leasehold or freehold, the proprietorship register also contains a statement of the price paid for the property by the owner. Because of this, it is unusual for the seller to let the buyer see a copy of the proprietorship register, containing the price, until after exchange of contracts, until, that is, the buyer has legally committed him¬self to a price. Otherwise, of course, the buyer might be influenced in deciding what price he should prudently pay for the property by knowing what the seller paid for it. Additional resources for Traders News is another recommended area of interest as well as more details on Stock Trading | Trade Stocks.
It is usual for the Land Registry to add the new owner’s name to the proprietorship register when a property changes hands, and just strike through the name of the seller. Thus, you often find that the proprietorship register consists of a list of names and addresses and prices paid, all but the last of which have been struck through. The name that is left in the proprietorship register is the name of the present registered proprietor.