The Land Registration Rules 2012, S.I. 483, altered the form numbers for both Forms 114 and Form 115. Form 114 is now Form 51 and Form 115 is now Form 52. These changes came into effect on 1st February 2013.
3rd July 2012 - Clarification - Legal Advice Received
With reference to contacts which were made with CRO in relation to the change in the Land Registration Rules which took effect on 1 March 2012 where security given by a company includes or consists of registered land, CRO has now received external legal advice in the matter.
Form 114 (under new Rules - now Form 51): It has been confirmed to CRO that the Form and the incorporated terms and conditions together represent a single charging transaction, and that only one delivery to CRO of particulars of that transaction is required and only one entry on the section 103 register of charges is required.
Form 115 (under new Rules - now Form 52): (Specific charge for present and future advances arising on the creation of a commercial mortgage/debenture): It has been confirmed to CRO that Form 115 and the Mortgage/Debenture are in law a single security transaction spread over two (or more) deeds/other documents and that therefore only a single filing on Form C1/8E is required whenever a company completes Land Registry Form 115 (under new Rules - now Form 52) as well as the Mortgage/Debenture on the same date. If a C1/8E is filed in respect of the Mortgage/Debenture and a further C1/8E is filed in respect of the Land Registry Form, bearing the same date as the Mortgage/Debenture, the Registrar has been advised that she is not obliged to enter the second filing on the section 103 register of charges. CRO will accordingly send back to the presenter the additional C1/8E in respect of the Land Registry Form on the ground that same is a duplicate filing, given that the registered land element of the charge has been included in the C1/8E that has been filed in respect of Mortgage/Debenture. CRO will not register such duplicate filing.
Where Land Registry Form 115 (under new Rules - now Form 52) is executed on a date other than the date of the Mortgage/Debenture, there are two separate charges, and so there ought to be two filings of Form C1/8E and two charges will be registered by CRO against the company concerned.
Where the only property that has been charged by a company is registered land, it is acceptable to file Form C1/8E and to supply a certified copy of the Land Registry Form to CRO by way of verification, in lieu of filing a certified copy of the Mortgage/Debenture bearing the same date as the Land Registry Form. Again, only one C1/8E is required to be delivered to CRO in this instance.
In any case where the property charged by the company includes other property as well as registered land, a certified copy of the Mortgage/Debenture ought to be furnished to CRO with Form C1/8E as verification, and not a certified copy of the Land Registry Form.
Dated: 3rd July 2012
Link to Mortgages and Charges Page. Link to Whats New 2012 Page
Note: 14th March 2012
Having regard to contacts which were made with CRO in relation to the recent change in the Land Registration Rules which took effect on 1 March 2012 where security given by a company includes or consists of registered land, it is clear that uncertainty still remains for quite a number of practitioners. These practitioners have indicated to CRO that for absolute legal certainty in terms of compliance with Section 99 Companies Act 1963, they intend to file a second C1 in each case with the CRO arising from new Land Registry Forms 115 and 114 (under the Land Registration Rules 2011), notwithstanding the Information Note issued by CRO.
CRO has consequently sought external legal advice on the issue, and same is currently awaited.
It should be noted therefore that if CRO receives a C1 in respect of Land Registry Form 114 or 115, it will hold the submission as "Received" but will not register same until further legal advice is received by the CRO as to the registrability of a Form C1 which is filed on foot of Land Registry Form 114 or 115.
The following Information Note dated 6th March 2012 ought to be construed in light of the foregoing.
Dated 14 March 2012
Note 6th March 2012 - Form C1 and Land Registration Rule Change
There has been a recent procedural change in Land Registry practice to facilitate their registration process in respect of charges over registered land.
In respect of debentures or commercial mortgages executed on or after 1st March 2012, where a specific charge on registered land is intended to form part of the security, Land Registry Form 115 must be sent to the Land Registry. The actual deed of charge is no longer required to be filed with the Land Registry. Form 114 is a new form used to secure registration in the Land Registry of a charge over registered land for present and future advances. The new Land Registry forms are a simple abbreviated version of the charge.
Please see Property Registration Authority website www.prai.ie for further information.
Procedures in the CRO are unaffected by these administrative changes in the Land Registry. In particular, the new procedure introduced by the PRA does not result in a requirement to file a further Form C1 with CRO. Form C1 is required to be filed in respect of the creation of security by a company. No further or additional charge is created by such company when it completes the Land Registry Form in order to secure registration of the charge in the Land Registry. The Land Registry Form 114/115 do not constitute a separate instance of security but derive from the deed of charge, and are in substance an extract from that deed of charge. Only one C1 ought to be filed with CRO where there has been a deed of charge and Form 114/115 has been filed with the Land Registry. Where only one party to the transaction has signed the C1, a certified copy of the deed creating the charge is required to be enclosed (not Form 114/115, but the main deed of charge) with the C1.
In the event that a Form C1 signed by one party is sent to CRO with Form 114/115, same will not be registered by CRO. The presenter will only be able to secure registration if a certified copy of the deed of charge is furnished to CRO with the C1.
CRO, 6th March 2012
Link to Mortgages and Charges Page.
Copyright 2016 Public Office Address: Companies Registration Office, Parnell House, 14 Parnell Square, Dublin 1, Eircode: D01 E6W8. DX Number: 145001. Phone: +(353 1) 8045200
Powered By Inventise