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The Registry provides property owners with a land title guaranteed by the Government, as well as with a title plan that indicates the property boundaries.
Once property is entered into the register, the Land Registry records any ownership changes, mortgages or leases affecting it. Registering property at the Land Registry guarantees and protects property rights in respect of it. It shows evidence of ownership, protects the property from fraud and makes it easier to change or sell property in the future.
For an insolvency professional the Land Registry provides the perfect source to check the title of property, see its boundaries, check if any charges or mortgages have been registered over the property and see who has legal rights over the property. It will be one of the first searches that a diligent professional will perform having been appointed on a job.
See 'Bankruptcy Notice' and 'Bankruptcy Restriction'.
[See 'Mortgage', 'Charge', 'Bankruptcy Notice' and 'Bankruptcy Restriction'.]
A Law of Property Act Receiver is appointed under the Law of Property Act 1925.
An LPA Receiver need not necessarily be an Insolvency Practitioner. They are appointed by a lender holding a fixed charge over property, to enforce that charge. A lender holding a fixed charge or mortgage has a right to appoint an LPA Receiver under the Law of Property Act 1925, once the secured debt has become due. The LPA Receiver has the powers and duties specified in and limited by the 1925 Act (notably these do not include the power to sell the charged property), but these can be modified and extended by express provisions in the security document.
An LPA Receiver is usually appointed with a view to selling the charged property or collecting the rental income from it for the lender.
An LPA Receiver is the agent of the borrower, not of the lender. The Receiver is a Receiver of land (whereas an Administrator is Administrator of a company).
Both LPA and Fixed Charge Receivers should be distinguished from Administrative Receivers, who can be appointed by a floating chargeholder,
