Liens and Undertakings for Land Certificates – Clarification
Since publication of the committee’s practice note and news item on the above topic in the July 2007 issue of the Gazette (pages 53 and 10 respectively), the committee has received notification from the Property Registration Authority that an equitable deposit of a land certificate may still lawfully occur between 1 January 2007 and 31 December 2009 in cases where a land certificate issued before 31 December 2006 (and has not since been cancelled), and that such interest can be converted to a registerable lien under the provisions of section 73 of the Registration of Deeds and Title Act 2006.
Practitioners should therefore note that the statement in the final paragraph of its practice note (p53) and news item (p10) published in the July 2007 Gazette does not apply in respect of land certificates issued before 31 December 2006 and not since cancelled.
Nevertheless, it would be prudent of lenders and their solicitors to note that legal charges are preferable.