NAMA Applications for Registration

• Original version: <a href='/vid/nama-applications-for-registration-907695915'>NAMA Applications for Registration</a>

1. Introduction

1.1 Scope of Practice Direction (PD)
This PD sets down the practices and procedures for the registration of NAMA, or its entity National Asset Loan Management Limited (NALML), as owner on the subsidiary register of acquired registered charges. The PD also sets down how the Property Registration Authority deals with other NAMA acquired interests and dispositions by NAMA, or receivers appointed by NAMA, of acquired charges or property affected by such charges.

1.2 Sections of the Act and Rules applicable

• Section 8(b)(ii) of the Registration of Title Act 1964
• Section 62 of the Registration of Title Act 1964 as amended
• Section 69(1)(s) of the Registration of Title Act 1964
• Rules 107, 186 and 189 of the Land Registration Rules 2012

1.3 Other legislation cited

• National Asset Management Agency Act 2009
• Land and Conveyancing Law Reform Act 2009

2. Applications for the registration of the ownership of registered charges

2.1 General

Such applications are for registration of the ownership of registered charges in the subsidiary register. Section 8(b)(ii) of the Registration of Title Act 1964 and Rule 186(2) of the Land Registration Rules 2012 refers. The charges will have been acquired, from financial institutions, which have been designated by the Minister for Finance as Participating Institutions (P.I.s) under Section 67 of the National Asset Management Agency Act 2009.

A Project Team based in the Chancery Street office has been established to process these applications. A subsidiary folio will be opened on a per borrower, per lending institution, per County basis.

Registration is effected on lodgement of a sealed certificate, made pursuant to section 108 of the National Asset Management Agency Act 2009, appended to a Schedule detailing the acquired charges. The lodging party in each case is “National Asset Management Agency” and the dealing type is “NAMA Acquisition Order”. The applicant and the entity to be registered on the subsidiary register is “National Asset Loan Management Limited” [NALML].

2.2 Part 1A of subsidiary folio:
Details of the registered charge are set out in Part 1 of the folio of the subsidiary register. The description in Part 1 will include the identity of the lands affected and a note referring to the borrower’s folio. The official notes column will contain the Instrument No. under which the charge was originally registered on the borrower’s folio.

A note will be entered on the folio on which the charge is registered outlining the fact that the ownership of the charge has been transferred to the subsidiary register. This entry will include the subsidiary folio number and the relevant part 1A entry number thereon.

A new seed-point coloured blue has been developed for the geo-enhanced subsidiary register. Where practical, the boundaries of this seed-point will be linked to the boundaries of the borrower’s folio. This may not be possible in cases where partial discharges are pending or where multi-storey properties have not been mapped using the MSB tree system.

2.3 Part 2 of subsidiary folio:

The registered owner of the subsidiary folio will be National Asset Loan Management Limited (NALML). The date of registration will be the date that NALML acquired the interest in the relevant charges. This will be evidenced by the lodgement of Certificates under Section 108 of the National Asset Management Agency Act 2009. (NAMA Act 2009).

The registration of the ownership of rights, other than incorporeal hereditaments held in gross, is governed by Rule 189 of the Land Registration Rules 2012. It should be noted, pursuant to that Rule that “owner” is substituted for “full owner”. Furthermore, in view of Rule 189(d) and 189(e); no reference should be made as to the title type; i.e. title absolute, qualified or possessory note should NOT be entered.

2.4 Dealings Pending on folios affected by NAMA acquisitions:
In cases where there are dealings pending, which are preventing the completion of the registration of the acquisition order, every effort is to be made to complete the pending registration.

Where this is not possible, the NAMA dealing will be cross referenced with the pending dealing and the subsidiary folio added to the pending dealing. Where a pending dealing, in which NAMA have an interest, is treated as abandoned, withdrawn or rejected, the Project Team is to be informed.

3. Applications for the registration of the ownership of judgment mortgages

In view of the definitions in Section 4 of the National Asset Management Act 2009 and Rule 186(c) of the Land Registration Rules 2012, registration of a judgment mortgage, which has been acquired by NAMA, may proceed on the relevant folio of the subsidiary register. The description of the property in Part 1A of the subsidiary folio will be suitably modified. If in doubt as to the description to be entered in Part 1A of the...