- Latest available (Revised)
- Point in Time (10/11/2008)
- Original (As made)
Point in time view as at 10/11/2008.
The Land Registration Rules 2003, Cross Heading: Indemnity; interest on is up to date with all changes known to be in force on or before 18 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
[F1195.—(1) Subject to paragraph (3), interest is payable in accordance with paragraph (4) on the amount of any indemnity paid under Schedule 8 to the Act—
(a)where paragraph 1(1)(a) of Schedule 8 applies other than in respect of any indemnity on account of costs or expenses, from the date of the rectification to the date of payment,
(b)where any other sub-paragraph of paragraph 1(1) of Schedule 8 applies other than in respect of any indemnity on account of costs or expenses, from the date the loss is suffered by reason of the relevant mistake, loss, destruction or failure to the date of payment,
(c)in respect of an indemnity on account of costs or expenses within paragraph 3 of Schedule 8, from the date when the claimant pays them to the date of payment.
(2) A reference in this rule to a period from a date to the date of payment excludes the former date but includes the latter date.
(3) No interest is payable under paragraph (1) for any period or periods where the registrar or the court is satisfied that the claimant has not taken reasonable steps to pursue with due diligence the claim for indemnity or, where relevant, the application for rectification.
(4) Simple interest is payable—
(a)where the period specified in paragraph (1) starts on or after 10 November 2008, at one percent above the applicable Bank of England base rate or rates, or
(b)where the period specified in paragraph (1) starts before that date,
(i)for the part of the period before that date, at the applicable rate or rates set for court judgment debts, and
(ii)for the part of the period on or after that date, at one percent above the applicable Bank of England base rate or rates.
(5) In this rule “Bank of England base rate” means—
(a)the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets, or
(b)where an order under section 19 of the Bank of England Act 1998 is in force, any equivalent rate determined by the Treasury under that section.]
Textual Amendments
F1Rule 195 substituted (10.11.2008) by The Land Registration (Amendment) Rules 2008 (S.I. 2008/1919), rule 2(1), Sch. 1 para. 62 (with rule 5)
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: