Releasing security
Releasing security

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

  • Releasing security
  • Introduction
  • Releasing security—the equity of redemption
  • Pre-release checks
  • Choosing the appropriate document to release the security
  • Deed of release
  • Receipts and re-assignments
  • Letter of non-crystallisation
  • Updating the registers following the release of security
  • Security registered at Companies House
  • More...

Coronavirus (COVID-19): Transaction planning will need to take into account the impact of coronavirus (COVID-19) on execution of documents and company filing and administration procedures. For further information, see Practice Note: Coronavirus (COVID-19)—implications for lending transactions—Coronavirus (COVID-19)—impact on deal execution?

In particular, the information contained in this Practice Note is affected by HM Land Registry announcements as follows:

  1. HM Land Registry has confirmed that it will, until further notice, accept for the purposes of registration forms DS1 and DS3 and certain other deeds signed in accordance with Mercury signing option 1 (as set out in the Law Society practice note ‘Execution of documents by virtual means’. For further information, see: HM Land Registry Practice Guide 8: execution of documents—section 12: Mercury signatures

  2. HM Land Registry has also introduced a new Practice Guide 67A: temporary changes to HM Land Registry’s evidence of identity requirements that deals with temporary changes and requirements to be followed in relation to providing evidence or confirmation of identity during the coronavirus (COVID-19) outbreak. It must be read in conjunction with Practice Guide 67: Evidence of identity: conveyancers

For further information, see Practice Note: Coronavirus (COVID-19)—implications for property—HM Land Registry—impact of coronavirus.

It is advisable to check the status of operational status of all registries mentioned below, and, where possible to use online filing services.

Introduction

To deal with the discharge and release of security,

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