The ultimate achievemet of the Land Registration Act Essay

The ultimate achievemet of the Land Registration Act - Essay Example In analysing the practical ramifications of the LRA 2002, this paper will critically evaluate the procedural and substantive changes in the law on land registration as brought in by the LRA. Moreover, this paper will argue that a central issue in the evaluation of the LRA 2002 is whether property purchase post 2002 has become easier as intended by the extrapolations of the Law Commission Report7. A central issue of concern in contemporary conveyancing is the applicability of any third party â€Å"off the record† proprietary rights and to this end I shall undertake a contextual and comparative analysis with the unregistered system for enforceability of third party rights. Moreover, I shall further evaluate the system for enforceability of third party equitable rights under the registered land system post 2002. It is submitted at the outset that such an evaluation is vital to the overall consideration of the substantive and procedural changes brought about by the LRA in order to determine whether or not the LRA has in fact created a â€Å"rational legal order† as suggested. In assessing the extent of changes introduced by the LRA 2002, it is further necessary to consider the essential objectives of the Law Commission Report, particularly in terms of its hailing the LRA bill as a revolution for conveyancing practice8. Firstly, the Law Commission argued that the reforms proposed by the LRA were bold particularly in respect of the: â€Å"Move from a paper based system of conveyancing to one that is entirely electronic is a very major one and it will transform fundamentally the manner in which the process is conducted9.† Indeed, in the Law Commission Report, in addressing the fundamental objectives of the Bill, it asserts that â€Å"dispositions of... The system for protection of third party interests appears to remain intrinsically complex for purchasers notwithstanding the objectives of the LRA. Moreover, the above analysis demonstrates that it is incorrect to argue that the changes brought introduced by the LRA have automatically culminated in a rationale and simplified system of land registration with limited scope for off the record interests. Indeed, the complex rules of the LRA highlight that in reality, the extent to which a purchaser can be subject to third party interests will ultimately depend on the nature of the right. Additionally, the drafting of the LRA 2002 retains some the core provisions of the 1925 Land Registration Act, which effectively creates a dual system of protection. To this end, it is submitted that it is questionable whether the LRA 2002 has met the objectives extrapolated by the Law Commission, which is arguably a significant opportunity missed.