purchaser is not sufficient to enable
the Keeper to identify on the title plan the part affected by thedealing, a supplementary plan enabling
the Keeper to do so should be delivered. The land certificatereferred to as item (c) in the two preceding
paragraphs will, in fact, be made available by the seller‘on loan’ and, after amendment
to give effect to the part sale, it will fall to be returned to the seller.The seller’s land certificate does
not, however, remain a ‘common title’. The purchaser’s ‘title’
will restentirely
on the land certificate issued to him and, on registration of the purchaser’s
interest, the seller’sland
certificate will thereafter be limited to the interest remaining with the seller.
Nonetheless, theremay
be occasions when the purchaser might wish to borrow the seller’s land certificate
and the sellerwill
remain under obligation to make it forthcoming by virtue of section
16 as read with section 3(5).If the purchase is part of a building
development and the seller’s land certificate has been depositedwith the Keeper, a note of the deposit
number should be obtained at settlement.Dealing
with a registered interest - application for registrationPurchase and loan transaction completed
contemporaneouslySame
solicitor acting for purchaser and lender8.51 There
should be submitted to the Keeper:1. A
completed and signed application for registration of the purchase (Form 2) together
with thedeed
giving effect to that dealing e.g. the
disposition. No warrant of registration should
beendorsed
on the disposition.2.
The land certificate and all deeds and other documents supporting
the application for registration (forexample
links in title), accompanied by an inventory Form 4
listing the land certificate and the otherdeeds
and documents. The Inventory should be completed in duplicate.3. Any additional evidence, for
example a death certificate with reference to a survivorship clause. Thisshould also be listed in the Form
4.4. Any
existing charge certificate, together with the
executed discharge. Strictly speaking anapplication for registration (Form
2) should be completed in respect of the discharge, but separateapplication is not insisted
on, provided the discharge is noted on
the Inventory. NB a fixed fee(currently £22) is payable.5. A separate Form
2 applying for registration of the dealing effected by the standard security
granted bythe
purchaser, together with the standard security. A separate inventory Form
4 is not required, butthe
standard security must be included in the Inventory referred to in (ii) above.6. Where the applications
for registration of the purchaser’s and
lender’s interests are submittedtogether, a reduced registration fee
will be charged in respect of the standard security.7. The
total registration fees payable.Separate solicitors acting for purchaser
and lender8.52 The
lender’s solicitor will wish to ensure
that the applications for registration of
the purchaser’s(borrower’s)
interest is duly lodged. Accordingly, at settlement he should take delivery of
all the items referred