• any  transfer  of  a  long  lease,  subjects  held  under  udal  tenure,  or  a  kindly  tenancy,  whether  for valuable consideration or not. A transfer of the tenant’s interest in a long lease is registrable even if the lease has less than 20 years still to run, or is already recorded in the Register of Sasines; • a conveyance on sale, feu or long lease of salmon fishings. Transaction not inducing registration 2.4 The following transactions do not induce first registration: • a  gratuitous  transfer,  other  than  in  those  instances  mentioned  above.  For  example,  both  a disposition for love, favour and affection, certified under exempt instrument category L (see the Stamp Duty (Exempt Instruments) Regulations 1987³), and a conveyance to a beneficiary under a will or on intestate succession would normally be treated as gifts and thus would not induce first registration; • a disposition ad perpetuam remanentiam, even if for valuable consideration, if the superiority is not registered; • a renunciation of a long lease, if the landlords’ interest is not registered; • a   heritable   security   or   discharge   of   a   security   over   an   unregistered   interest.   Similarly,   a reconveyance (or a discharge under section 40 of the Conveyancing and Feudal Reform (Scotland) Act 1970⁴) of an ex facie absolute disposition does not induce first registration; • the grant of a liferent, even if for valuable consideration; • a grant or transfer of an incorporeal heritable right (other than salmon fishings) even if for valuable consideration,  e.g.,  a  deed  of  servitude  for  valuable  consideration,  where  neither  the  dominant tenement  nor  the  servient  tenement  is  registered  in  the  Land  Register,  would  not  induce  first registration; • any deed relating to heritable property not already mentioned in the preceding paragraph. Valuable consideration 2.5 The Act does not define the term ‘valuable consideration’. While clearly this must include monetary payment of the full market value, the Keeper believes that the term affords a broader interpretation and in practice this has been interpreted by the Keeper to include the following: • monetary payment of less than full market value,  e.g.  a disposition where the consideration is a nominal amount; • the purchase of a  pro indiviso  share in a property. The transaction induces first registration of the share which is being purchased. If the purchaser holds the remaining share in the property on a title recorded in the Register of Sasines, application for voluntary registration of that share may be made to the Keeper;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	< Previous Page | Next Page >