Article 4 ValueI1

Northern Ireland Not yet in force

(1)

For the purposes of this Order, the value of any estate in land, charge or notice shall be determined in accordance with paragraphs (2) to (6) and Articles 5 and 6.

(2)

Subject to paragraphs (5) and (6), the value of an estate in land (other than a charge) is its market value, that is to say, such sum as the estate would fetch if sold on the open market at the date on which the application with respect to which the value is required to be ascertained is made to the Registry, free from any mortgage or charge for payment of money other than a land purchase annuity.

For the purposes of this paragraph, the Registrar may accept as the market value of an estate, an amount stated to be that value in a statement in writing, signed by the applicant or his solicitor.

(3)

Subject to Articles 5 and 6 where an application is made to the Registry to register a charge or to register a transfer, transmission or cancellation of a charge, the value of the charge shall be—

(a)

where the charge is to secure a sum of money which is expressed as a fixed amount and whether or not the charge also secures further advances, that amount;

(b)

where the charge is exclusively to secure an unascertained sum of money and the total amount to be owing at any one time is subject to an upper limit, that limit;

(c)

where the charge is exclusively to secure an unascertained sum of money and the total amount to be owing at any one time is not subject to an upper limit, £25,000;

(d)

where the charge is to secure an annuity, 10 times the greatest amount payable under the annuity in any one year.

(4)

Where an application is made to the Registry—

(a)

to register, pursuant to Article 48 of the Judgments Enforcement (Northern Ireland) Order 1981^f1 or paragraph 4 of Part IV of Schedule 2 to the Act^f2, notice of an order charging land made under Article 46 of that Order; or

(b)

to cancel such a notice,

the value of the notice shall be the same as in the case of an application to register a charge pursuant to such an order.

(5)

Where an application is made to the Registry to register an exchange, the value of the estate in land to which the application relates shall be the combined value of the registered land exchanged, determined in accordance with paragraph (2).

(6)

Where an application relates solely to the estate of a person entitled as a tenant in common, joint tenant or coparcener, the value of the estate in land to which the application relates shall be the value of that person’s estate; and where a registered owner transfers his estate to himself and another as co-owners, the value of the estate in land to which the application relates shall be the value of the estate passing to the other person.

Annotations

Commencement

I1: Art. 4 in operation at 31.5.1996, see art. 1(1)

Footnotes

f1: S.I. 1981/226 (N.I. 6): Art. 48 was amended by Art. 51 of and para. 6(1) of Sch. 1 to the Registration (Land and Deeds) (Northern Ireland) Order 1992, S.I. 1992/811 (N.I. 7) and Art. 46 was amended by Art. 10(3) of that Order
f2: Part IV of Schedule 2 was inserted into the Land Registration Act (Northern Ireland) 1970, 1970 c. 18 (N.I.) by Art. 10(2) of the Registration (Land and Deeds) (Northern Ireland) Order 1992, S.I. 1992/811 (N.I. 7)