New provisions in the Land Registration Rules 2011 that provide for the registration of security interests over registered land will take effect on 1 March 2012.
Rules 5 and 7 of the Land Registration Rules 2011 provide for two new "prescribed forms", Form 114 and Form 115, to be used in respect of perfecting security interests over registered land in both residential and corporate transactions.
A similar form to Form 114 is already in use by the majority of financial institutions in relation to residential property transactions and is based on an IBF template which was agreed in December 2009 (after the commencement of the Land & Conveyancing Law Reform Act 2009).
The one-page Form 115 must, from 1 March 2012, be used in all commercial transactions where a security interest over registered property is to be taken. The Form 115 only must be filed with the Land Registry and it will no longer be necessary to file the charging document. There is an additional practical requirement of a Form C1 filing in respect of the Form 115. This filing should be made in addition to the Form C1 filing in respect of the charging document.
A link to Form 115 is attached.