Land Ownership Types
Another quick educational piece for our readers this week around the area of property law. Today we look at the three property types and what defines each.
1. Commercial Property
Commercial property is any area of land or building which sees a return for its owner. In most cases commercial property is more expensive then residential as it’s function is to yield a monetary return and the valuation usually takes potential earnings into consideration.
2. Residential Property
A residential property is a building which is suitable for use as a dwelling or is being developed for this purpose.
3. Unregistered Land
Unregistered land is land which has not been registered with HM land and registry. This can take the form of, among other things, abandoned buildings and waste land. Just because land is unregistered does not mean it does not have an owner but that HM land and registry has not been made aware of the land owner.
If you are looking for advice around land or property speak to a member of our property law team. Contact MKB Law using the details below.
Call: 028 9024 2450