Manchester Conveyancing Solicitors | Ford Banks Irwin Solicitors - The Property Lawyers in Manchester for Buying / Selling Leases and Business Premises
Please note: Not to be used or relied upon without legal advice. These notes are for illustration purposes ONLY
continued from page 9 . . .
Buying and Selling Leases
Bulk applications affecting one or more Land Registry Office
Calculation of fees for Large Scale applications
Example E
A Company A owns 15 registered Property units and Company B owns 12. Company C agrees to lend £4 million to A and B on the security of charges (mortgages) over the 27 Property units. Even though they are contained in one document, both secure the same loan and both are in favour of C, there will be two separate charges (Mortgages) - one by A of 15 Property units and one by B of 12 Property units. The mortgage will result in two separate applications, one to register the mortgage by A and the other to register that given by B. Although the 'deal' comprised 27 Property units, each application affects less than 20. So, in this case, a scale 2 fee is payable on each application and article 6 cannot apply.
Transfers of Mortgages (charges)
The fee for registration of a transfer of Mortgage (charge), or of several mortgages, by the same transferor to the same transferee, is normally assessed under scale 2 of the fee order on the value of the consideration for the transfer. If there is no consideration, the fee is assessed on the amount secured by the mortgages. If however, the mortgage or mortgages transferred relate to 20 or more registered Property units then the fees are assessed under scale 2 or article 6 of the fee order, whichever is the greater.
Powers of Attorney and registered Property
In this section:
'EPAA 1985' means the Enduring Powers of Attorney Act 1985
'LPA 2007' means the Lasting Powers of Attorney, Enduring Powers of Attorney and Public Guardian Regulations 2007;
'MCA 2005' means the Mental Capacity Act 2005;
'PAA 1971' means the Powers of Attorney Act 1971
'TA 1925' means the Trustee Delegation Act 1925
'TDA 1999' means the Trustee Delegation Act 1999
'TLATA 1996' means the Trusts of Land and Appointment of Trustees Act 1996
When Land Registry are registering a document signed by an Attorney, they need to be sure that the document binds the individual or Company on whose behalf if was signed. They do this by checking that the Power of Attorney:
- was validly executed as a deed;
- was still in force at the date of the document
- authorises the Attorney to take the action in question, and
- was, where necessary, made under the correct statutory provision.
There are cases where, even though the power does not meet these requirements, the person who relied on the document can assume that the power was correctly made or that it was still in force at the time it was used. In those cases Land Registry may need confirmatory evidence from that person.
When an individual executes a deed, it must be clear that the document is signed as a deed and the signature must be made in the presence of a witness who attests the signature.
This guide does not cover the more complex issues involved when a Power of Attorney is granted under the Law of another jurisdiction. In such a case Land Registry may ask the Conveyancing Solicitors and Property Lawyers for an opinion as to the matters specified above from a Lawyer qualified in that jurisdiction.
Types of Power of Attorney
General Powers under section 10 of the Powers of Attorney Act 1971
The Powers of Attorney Act 1971 provides a short form of general Power of Attorney that can be used by a sole beneficiary owner of Land / Property. It operates to give the Attorney authority to do anything that the donor can lawfully do by an Attorney. However, powers in that form dated before 1st March 2000 are never suitable for dealing with Land / Property of which the donor is a joint proprietor. And those dated after 29 February 2000 may only be used by a joint proprietor if the donor has a beneficial interest in the Land / Property. The death, bankruptcy or mental incapacity of the donor will automatically revoke the power. The donor may also revoke it at any time.
(All italics in this page are Crown Copyright and reproduced here for your information with permission from HM Land Registry)
. . . continued on page 11 (Manchester Conveyancing Solicitors Property Lawyers for Buying and Selling Leases 11)
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