Perfecting security—summary of required steps
Perfecting security—summary of required steps

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Perfecting security—summary of required steps

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for lending lawyers?

The table below summarises the steps which must be taken in respect of security granted by a UK company over certain types of assets in order to perfect the security.

Secured assetIs security registrable at Companies House?Is security registrable at a specialist registry?Does notice have to be given to a third party?Are any other steps required?Further information
LandYES—CA 2006, s 859A(1)YES, at HM LAND REGISTRY (necessary if the security is to take effect as a charge by way of legal mortgage and for determining priority) NO (assuming that the interest in land is freehold)NORegistering security at Companies House
Perfecting security over land
SharesYES, BUT IF THE SECURITY CONSTITUTES A ‘SECURITY FINANCIAL COLLATERAL ARRANGEMENT’, IT IS NO
Related documents:

Popular documents