Property Lawyers and Conveyancing Solicitors in Manchester at Ford Banks Irwin Solicitors - Commercial Mortgage and Remortgage
Please note: Not to be used or relied upon without legal advice. These notes are for illustrative purposes ONLY.
Terminology and Abbreviations used:
In this guide:
'charge' means a legal mortgage or charge over Land / Property;
'unapproved charge' means a charge not previously approved by the Commercial Arrangements Section at Land Registry Head Office;
'oversea company' means a company not registered in England and Wales, or Scotland;
'LRA 1925' means the Land Registration Act 1925;
'LRR 1925' means the Land Registration Rules 1925;
'LRA 2002' means the Land Registration Act 2002;
'LRR 2003' means the Land Registration Rules 2003.
A charge (mortgage) may be made in the form CH1 in accordance with r103 Land Registration Rules 2003. This form is not prescribed and Property Lawyers and Conveyancing Solicitors for Lenders may use charges tailored to their own particular requirements.
Approved forms of charge / mortgage:
Although there is no equivalent in the Land Registration Rules 2003 to rule 139 Land Registration Rules 1925, Land Registry still encourage Property Lawyers and Conveyancing Solicitors for Mortgage Lenders to have all their forms of charge (mortgage) approved by the Commercial Arrangements Section at Land Registry Head Office. The following benefits will be gained from have charges (mortgages) approved:
- approved charges may contain application for standard restrictions, avoiding the need for a separate form RX1
- approved charges may contain application to note a lender's obligation to make further advances in the register (Property Title Deeds), avoiding the need for a separate form CH2
- computer codes will continue to be created for Mortgage Lenders with approved forms of charge (mortgage) which will ensure that the agreed name and address(es) for service of the individual Mortgage Lenders and appropriate restrictions and obligation entries are always entered accurately in the register (Property Title Deeds).
Applications to register a charge / mortgage:
An application to register a charge / mortgage should contain:
- application form AP1;
- form CH1, or the Mortgage Lender's own form of charge.
Land or charge certificates ceased to have any legal significance when the Land Registration Act 2002 came into force and should not be lodged with the application to register a charge / mortgage. Property Lawyers and Conveyancing Solicitors no longer lodge mortgage documents incorporated by reference in the charge itself (for example, rules of a building society, mortgage conditions, or an agreement for loan).
Application to enter a restriction:
An application for a restriction must be made in form RX1 unless the application is for a standard form of restriction and is made in panel 8 of form CH1, or it is for a standard form of restriction made in an approved form of charge (rule 92 Land Registration Rules 2003).
Any application to register a restriction in a charge not in form CH1 and not previously approved by Land Registry, or to register a non-standard restriction and not applied for in form RX1 will not be acted upon by Land Registry.
If form RX1 is not lodged with the application to register the charge / mortgage, an additional fee is payable for the restriction.
Application to note on the register (Property Title Deeds) a Mortgage Lender's obligation to make further advances:
Any application by Property Lawyers and Conveyancing Solicitors to note an obligation to make further advances in an unapproved charge, or not in form CH1 will not be acted upon by Land Registry.
A separate application using form CH2 must be made (rules 108 Land Registration Rules 2003).
If form CH2 is not lodged with the application to register the charge, an additional fee is payable for the obligation entry.
(All italics in this page are Crown Copyright and reproduced here for your information with permission from HM Land Registry)
continued on page 2 (Property Lawyers and Conveyancing Solicitors in Manchester - Commercial Mortgage and Remortgage Page 2)
Please telephone Paul on 0161 866 8999 if you require any further information.
Ford Banks Irwin Solicitors
50 Stothard Road
Stretford
Manchester
M32 9HB
Tel: 0161 866 8999
Fax: 0161 866 8333
E-mail: info@FordBanksIrwinSolicitors.co.uk
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Manchester
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Banks Irwin Solicitors | Solicitors in Manchester
Pall Mall Court
King Street
Manchester
M2 4PD
Tel: 0161 866 8574
What our
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"Again, many thanks for your help. I would recommend your
service to anybody who is about to purchase a property" . . . Professor
J. Kang (Manchester Business School)
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“.
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