Real estate lawyers will often be involved in registering legal charges at HM Land Registry. In some cases, they will also simultaneously be involved in registering deeds of subordination, deeds of priority, intercreditor deeds or deeds of substitution. In most refinance transactions, real estate lawyers will deal with the release of existing security and the registration of that release or discharge at HM Land Registry.
Competing security interests arise when more than one creditor has taken security over the same asset(s). Determining the order of priority between those security interests decides the order in which each of the secured creditors can claim on the secured property in an enforcement or insolvency scenario.
The basic starting point in relation to priority of security is that a creditor who is ‘first in time’ with a security interest in an asset takes priority over all subsequent security interests in that same asset. However, there are a number of exceptions to this rule:
a legal security interest takes priority over an earlier equitable security interest in respect of the same asset if certain
To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.
**Trials are provided to all LexisNexis content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisNexis services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. 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.
This week's edition of Property weekly highlights includes: key decisions on compensation for compulsory electricity wayleaves, the construction of an...
HM Land Registry (HMLR) has announced that, from late August 2026, application-related correspondence, including requisitions, letters and notices,...
The Welsh Government has published circular WGC 007/2026 to introduce the Building etc. (Amendment) (No. 2) (Wales) Regulations 2026, which came into...
Planning analysis: In Westminster CC v Gems House Residences, the Court of Appeal dismissed Westminster City Council’s appeal and upheld the High...
Does a legal charge always take priority over a restriction? For example, if there are two legal charges entered on the register and a restriction is registered that pre-dates the registration of the second charge only, will both charges have priority over the restriction?The rules on priority in
A chargor (an individual) is granting a legal charge to a chargee (a company). Can an employee of the chargee witness the signature of the chargor?There does not appear to be any evidence that an employee of the chargee cannot witness the chargor’s signature.Practice Note: Property deeds—use and
If a rentcharge is shown as being informally exonerated on title information, does this apply to the current registered owner? Or does the informal exoneration only apply to the parties to the document which informally exonerated the rentcharge?This Q&A considers the situation where, at some
If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal fees, will that count as a PET against their estate?A disclaimer is the refusal of a gift prior to acceptance. The refusal of the gift must take place before the beneficiary accepts any benefit
0330 161 1234