41Applications in the transitional period: information about land transactionsU.K.
(1)This section applies where an overseas entity makes an application under section 4 for registration before the end of the transitional period.
(2)If the entity has not made any relevant dispositions of land during the period—
(a)beginning with 28 February 2022, and
(b)ending with the making of the application,
the application must include a statement to that effect.
(3)If the entity has made any relevant dispositions of land during the period mentioned in subsection (2), the application must include—
(a)the required information about each relevant disposition of land made during that period (see subsection (5)),
(b)in relation to each such disposition, the statements and information mentioned in paragraphs (a), (b) and (c) of section 4(1) expressed by reference to the state of affairs immediately before the making of the disposition, and
(c)a statement that all of the information required by paragraphs (a) and (b) of this subsection has been included in the application.
(4)In this section “relevant disposition of land”, in relation to an overseas entity, means—
(a)a registrable disposition of a qualifying estate within section 27(2)(a), (b)(i) or (f) of the Land Registration Act 2002 other than—
(i)a disposition made in pursuance of a statutory obligation or court order, or occurring by operation of law, or
(ii)a disposition made by a specified insolvency practitioner in specified circumstances (within the meaning of paragraph 3(3) of Schedule 4A to the Land Registration Act 2002, as inserted by Schedule 3 to this Act);
(b)the delivery by the entity of a qualifying registrable deed granted by it where the entity’s interest in respect of which the deed was granted was registered in the Land Register of Scotland on or after 8 December 2014, unless the deed was granted—
(i)in pursuance of a statutory obligation or court order, or
(ii)by a specified insolvency practitioner in specified circumstances (within the meaning of paragraph 2(5) of schedule 1A of the Land Registration etc. (Scotland) Act 2012, as inserted by Schedule 4 to this Act).
(5)The required information about a relevant disposition of land is—
(a)where the relevant disposition of land is within subsection (4)(a)—
(i)the date of disposition, and
(ii)the registered title number of the qualifying estate;
(b)where the relevant disposition of land is within subsection (4)(b)—
(i)the date of delivery of the deed, and
(ii)the title number of the title sheet in which the entity’s interest is entered.
(6)In subsection (4)(a) “qualifying estate” means—
(a)a freehold estate in land, or
(b)a leasehold estate in land granted for a term of more than seven years from the date of grant,
of which the overseas entity became a registered proprietor in pursuance of an application made on or after 1 January 1999.
(7)In subsection (6) “registered proprietor” in relation to an estate means the person entered as proprietor of the estate in the register of title kept by the Chief Land Registrar.
(8)In subsection (4)(b) “qualifying registrable deed” means a registrable deed (within the meaning of the Land Registration etc. (Scotland) Act 2012) which is—
(a)a disposition,
(b)a standard security,
(c)a lease (including a sub-lease), or
(d)an assignation of a lease (including a sub-lease).
(9)For the purposes of subsection (4)(b), a qualifying registrable deed is to be treated, as at the date of delivery, as having been granted even if at that time it has been executed by the overseas entity only.
(10)In this section “the transitional period” means the period of 6 months beginning with the day on which section 3(1) comes fully into force.
Commencement Information
I1S. 41 not in force at Royal Assent, see s. 69
I2S. 41 in force at 1.8.2022 for specified purposes by S.I. 2022/876, reg. 3(m)
I3S. 41 in force at 12.10.2022 in so far as not already in force by S.I. 2022/1039, reg. 2(a)