Application for first registration
2.—(1) Subject to article 6 (large scale applications, etc.), the fee for an application for first registration (other than an application for registration of title to a lease by an original lessee or his personal representative or an application for first registration of a rentcharge) shall be paid in accordance with Scale 1 in Schedule 1 on the value of the land comprised in the application determined in accordance with article 7.
(2) Subject to paragraph (3), and to article 6 (large scale applications, etc.), the fee for an application for the first registration of a title to a lease (whether or not deriving from a registered freehold or leasehold title) by the original lessee or his personal representative shall be paid in accordance with Scale 1 in Schedule 1 on an amount calculated in accordance with the following formula:
where
A is the amount on which the fee is to be paid, P is the amount or value of any monetary consideration given by the lessee as part of the same transaction by way of fine, premium or otherwise, and R is the largest ascertainable amount of annual rent reserved by the lease.
(3) Where no monetary consideration is given by the lessee as part of the same transaction by way of fine, premium or otherwise and:
(a)no annual rent is reserved; or
(b)the annual rent reserved cannot be ascertained at the time the application is made,
a fee shall be paid on the value of the lease determined in accordance with article 7, subject to the minimum fee being £40.