From 1 April 2016, the General Register of Sasines will close to standard securities.
This provision was included in the Registers of Scotland (Voluntary Registration, Amendment of Fees, etc) Order 2015 and is intended to be a lever with which to complete the land register.
The closure of the sasine register to standard securities means that property owners still on the sasine register who wish to take on borrowing with a new lender will have to voluntarily register onto the land register for the transaction to go ahead. There will be no fee to customers from RoS for this voluntary registration, and the fee will remain the same to register the standard security at £60.
Analysis of the number of standard securities received by RoS shows that they amount to around five percent of the mortgage market, approximately 5,000 titles a year at current levels. Both landowners and lenders will benefit from the clarity and security of a land registered title protected by the keeper's warranty at a reduced cost of registration.
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