Land Registry Removal of Option Agreement: What You Need to Know
Option agreements are legal agreements between a landowner and a developer that allow the developer to buy the land at a later date for an agreed price. However, in some cases, the developer may decide not to proceed with the purchase, leaving the option agreement in place and preventing the landowner from selling to anyone else. In such cases, the landowner may want to remove the option agreement from the title register. This article will guide you through the process of removing an option agreement from the Land Registry.
Step 1: Check the Title Register
Before applying to remove the option agreement, you should check the title register to ensure that it is registered and that it is still valid. If the agreement has expired, then it may not be necessary to have it removed. You can check the title register by obtaining an official copy of the register from the Land Registry.
Step 2: Determine the Type of Application
The type of application you need to make to remove an option agreement from the Land Registry will depend on the circumstances. If the developer has not exercised their option to buy the land, then the landowner can apply for the removal of the agreement using form RX3. However, if the developer has exercised their option to buy the land, then the landowner will need to make a court application to have the option agreement removed.
Step 3: Complete the Form
If you are using form RX3, then you will need to complete the form and attach any supporting evidence. This evidence may include a copy of the option agreement, evidence that the option has not been exercised, and evidence that the agreement has been terminated. You will also need to pay the relevant fee, which is currently £40.
Step 4: Submit the Application
Once you have completed the form and gathered all the necessary evidence, you will need to submit the application to the Land Registry. You can do this online, by post, or in person at one of their offices. If you are submitting the application by post, then you should send it to the Land Registry`s Citizen Centre in Plymouth.
Step 5: Wait for a Decision
The Land Registry will review your application and make a decision on whether to remove the option agreement from the title register. If they approve your application, then they will update the title register accordingly and send you a copy of the updated register. If they refuse your application, then they will provide you with reasons for their decision, and you will have the option to appeal.
In conclusion, removing an option agreement from the Land Registry can be a complex process, but with the right guidance and support, it can be done successfully. By following the steps outlined above and seeking professional advice where necessary, you can ensure that your application is processed smoothly, and your title register is updated accordingly.