Update Securities Section - Standard Dealing - Paper process

Process Steps

7.1 Check the securities details have been imported correctly and amend if necessary.

7.1.1 Where title to the plot has transferred to a new proprietor/tenant and there is an existing charge/security that was granted by the previous proprietor/tenant  which has not been discharged, ensure the entry includes the full designation of the previous proprietor/tenant that granted the deed or update if necessary.

7.2 Delete any time-bound charges outwith their effective date.

7.3 If application includes a discharge, notice of cessor of conditions or discharge of charging order:

• Check the security/grant/charging order being discharged is as referred to in deed
• Check security is not being partially discharged
• If the security being discharged does not appear in the title sheet, follow the instructions in 'Discharge submitted where security does not appear on the title sheet' on Securities Section Information.
• Delete relevant charge if appropriate.
  
  

7.4 Add details of any new standard security or charge. A certificate of registration of charge is no longer required in respect of limited company standard securities.

Types of deeds to enter in securities section:

• Standard securities
• Notice of payment of grant
• Charging order.

7.4.1 Ensure the creditor code on the Application workdesk replicates the creditor code within the securities section, amend if necessary.

7.4.2 If any security attempts to create servitudes or real burdens, refer to senior officer.

7.4.3 For any security over part, refer to senior officer.

7.5 Consider ranking and add ranking note(s) if necessary.

7.5.1 If a security states it is to secure sums under statutory provisions (e.g. crofting or right to buy legislation), it should be referred to a senior officer to consider ranking implications.

7.6 If application includes a deed of variation of a security, then add the appropriate note from the LRS pick list after the existing entry for that security to include details of the variation, in accordance with guidance.

7.7 Remove Charge Certificate Notes and Schedules (if any) - refer to senior officer if any additional notes or floating charges/debentures exist.