Asset and liability registers
How can we assist you with preparing your asset and liability registers?
In addition to having an accurate and up-to-date list of all of the properties which you own, the regulator also requires you to have a record on your asset and liability register of the existence of any restrictions on the use, disposal and value of all of the properties which are owned by you. This can only be ascertained by a review being carried out on the Titles, any documents referred to on the Titles, any Nominations Agreements, any Leases and any planning documents, such as planning permissions and Section 106 Agreements relating to the properties. The regulator also requires copies of all documents backing up this review to be easily available.
The steps we would recommend you take to comply with the regulator’s requirements are
Step 1
Make sure you are satisfied that you have an accurate list of properties owned by you which confirms the property address, the Title Number, whether the properties are owned freehold or leasehold, the unexpired term of any leasehold titles and details of any security granted - we can carry out a PN1 Search at the Land Registry for you to identify the Title Numbers registered in your name and can cross- check the properties comprised in these Title Numbers against your list of properties if you are not confident that your list of properties is correct.
Step 2
Try to locate copies of the signed and dated Certificates of Title for all properties already charged so these can be referred to in the “Restriction” column in your asset and liability register – we can provide you with scanned copies of all Certificates of Title we have provided for you in the past and can assist with identifying the solicitors who have given other Certificates of Title in the past by liaising with the Land Registry.
Step 3
Deal with first registration of any unregistered titles for properties owned by you at the Land Registry and carry out the necessary due diligence reviews on the properties comprised in these unregistered titles – we can also deal with these first registration applications for you.
Step 4
Carry out due diligence reviews on any of your uncharged properties and on any of the charged units where the original signed and dated Certificates of Title cannot be located or, alternatively, get all of your uncharged properties ready for charging – we can deal with this for you if you provide us with a list of the properties.
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