Land Registry Section 106 Agreement: An Overview
When you buy a property, you need to be aware of the legalities that come with it. This is why it’s important to understand the different types of agreements, such as the land registry section 106 agreement.
What is a Land Registry Section 106 Agreement?
A land registry section 106 agreement is a legal agreement between the developer and the local authority. This agreement is used to regulate the use of a property or land. The agreement is required when planning permission is granted for a development project.
The section 106 agreement sets out the obligations and requirements for the developer, such as the number of affordable homes that must be built, provision of public open space, and contribution to education and highways infrastructure. The agreement is legally binding and has to be registered with the land registry.
Why is it Important?
The land registry section 106 agreement is important because it ensures that the developer complies with the planning permission conditions. Failure to comply with the conditions can result in enforcement action by the local authority, which can ultimately lead to the planning permission being revoked.
The agreement is also important for the community as it ensures that the development contributes to the social and economic well-being of the area. This may include the provision of affordable housing, public open space, and improved transport links, amongst other things.
How to Find a Section 106 Agreement?
If you are interested in a property or land that has planning permission, you can find the section 106 agreement by conducting a search with the local authority. The agreement is a public document and can be accessed by anyone.
Alternatively, you can search the land registry for the property in question. If there is a section 106 agreement in place, it will be noted on the title register.
Conclusion
A land registry section 106 agreement is an important legal document that regulates the use of a property or land. It sets out the obligations and requirements for the developer, which must be complied with in order to maintain planning permission. The agreement is also important for the community as it ensures that the development contributes to the social and economic well-being of the area. As a prospective buyer, it’s important to be aware of the existence of a section 106 agreement and to understand its implications.