Manchester Conveyancing Solicitors | Ford Banks Irwin Solicitors - The Property Lawyers in Manchester on Commercial Business Leases
Please note: Not to be used or relied upon without legal advice. These notes are for illustration purposes ONLY
continued from page 16 . . .
Leases - Extension of Leases
New Lease taking immediate effect - Land Registry application
Registration of the new Lease
Land Registry will not make this entry if Conveyancing Solicitors and Property Lawyers lodge a copy of the mortgage deed, and confirm that the granted of the Lease was permitted by the terms of the mortgage (by referring to the relevant clause in the deed) and that the mortgagee's consent was not required.
A consent is always required where there is a restriction in favour of the Lessor's mortgagee on the Lessor's title.
- the consent of any superior Lessor, if the superior Lease requires such consent to be obtained
NB: where the consent of the superior Lessor is not lodged Land Registry will make the following entry in the Property register of the new title:
'The Registrar has not seen any consent to the grant of this sub-Lease that the superior Lease out of which it was granted, may have required'
- any consent required by a restriction or caution affecting the lessor's title
- any charge or deeds of substituted security
- an application form RX1 for any restriction being applied for, other than a form A restriction, see rule 92 LRR 2003
- where the Lessor's title is unregistered, an examined abstract or epitome of title of the Lessor's title and any superior titles, if absolute leasehold is required
- contract for sale or for the grant of the new Lease
NB: Conveyancing Solicitors and Property Lawyers need to lodge this if the new Lease is granted to the buyer on the occasion of a sale of a registered leasehold Property, as the old Lease will still be registered in the name of the seller. In this case the buyer must lodge evidence that the existing proprietor has agree to the grant of the Lease.
- surrendered Lease, which is not registered or noted, together with title to it
NB: Any mortgages or other incumbrances, affecting the unregistered leasehold estate must be discharged or released.
- surrendered Lease, if the new Lease is drawn by reference to the terms of the surrendered Lease.
If the Lease is out of a registered Property and is granted on or after 19 June 2006, with certain exceptions, the Lease must be a prescribed clauses Lease (rule 58A LRR 2003).
Use of deeds of variation
Conveyancing Solicitors and Property Lawyers need to lodge the application in either:
- form FR1 with form DL, in duplicate, if the application is for first registration (rules 23 and 24(1)(d) LRR 2003) or
- form AP1 if out of a registered Property (rule 13 LRR 2003)
NB: A deed dated on or after 19 June 2006, varying a Lease takes effect as a surrender and regrant of the leasehold estate, does not have to be a prescribed clauses Lease. This exception applies whether or not the original Lease was a prescribed clauses Lease.
In addition to the documents listed in section: Registration of the new Lease, Conveyancing Solicitor and Property Lawyers will also need to lodge:
- the new deed of variation together with a certified copy. NB: Land Registry will retain the original deed of variation, if a certified copy is not lodged with the application.
- the appropriate SDLT certificate
As the deed will operate as a surrender of the existing Lease and the grant of a new one, Conveyancing Solicitors and Property Lawyers must consider any charges against the existing leasehold title.
Closing an existing leasehold title
This should be made by Conveyancing Solicitors and Property Lawyers in form AP1. Any incumbrances on the title must be released, withdrawn or cancelled to enable the title to be closed.
Conveyancing Solicitors and Property Lawyers should lodge either a form DS1, an ED or an END in respect of each charge affecting the title. Alternatively a deed of substituted security by be lodged.
Conveyancing Solicitors and Property Lawyers should also lodge the evidence of the right to apply if the applicants are not the registered proprietors.
Cancellation of notice of unregistered Lease on the lessors title
This should be made by Conveyancing Solicitors and Property Lawyers on form CN1 (rule 87(1) LRR 2003). Land Registry will also like to see:
- the surrendered Lease
- the applicant's title to it.
All incumbrances must be withdrawn or released, and any mortgages affecting the unregistered leasehold estate must be discharged. Alternatively, a deed of substituted security may be lodged.
Deeds of substituted security
Before completing the new Lease, the Lessees Conveyancing Solicitors and Property Lawyers should contact the chargees of the old Lease to find out their requirements.
The chargees may prefer to either:
- release their existing charge and take a fresh charge over the new leasehold estate, or
- use a deed to substitute the security
Land Registry would prefer that the charge on the old Lease is discharged using either form DS1, and ED or END and then a fresh charge executed over the Property in the new Lease.
However, Land Registry will accept a deed that substitutes the new Lease as security for the existing charge, ie a deed of substituted security.
If using a deed of substituted security, the charge over the old Lease must still be released. Conveyancing Solicitors and Property Lawyers can achieve this be either using a form DS1, and ED, and END or including clear words of release in the deed itself. The deed must also make clear that it:
- charges the new leasehold estate
- reaffirms or imports the provisions of the original charge.
(All italics in this page are Crown Copyright and reproduced here for your information with permission from HM Land Registry)
. . . continued on page 18 (Manchester Conveyancing Solicitors Property Lawyers on Commercial Business Leases 18)
Please telephone Paul on 0161 866 8999 if you require any further information.
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