The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:
Registration can have an important effect on the priority of competing security interests.
Broadly speaking, there are two different systems for registration of security interests:
registration against the asset which has been secured, and
registration against the entity providing the security
This Practice Note is concerned with the first system of registration, where the asset which is the subject of the security is land located in England or Wales.
For information about how registration against other assets affects priority of security interests, see Practice Notes:
Effect of registration on the UK Ship Register on priority of security interests
Effect of registration on the UK Register of Aircraft Mortgages on priority of security interests, and
Effect of registration at IP registries on priority of security interests
Registration at an asset registry in most cases has a direct effect on the priority of the security but does not impact the validity.
In contrast, where the security provider is a company which is formed and registered under the Companies Act 2006, all security must be registered at Companies House (subject to a few exceptions) in order for the security to be valid as against certain third parties. Registration at Companies House has an indirect effect on priority only. For information about how such registration affects priority of security interests, see Practice Note: Effect of registering security
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234