Paragraph 3 Restrictions on disposalF1

Northern Ireland

(1)

The Registrar must enter an inhibition (“an overseas entity inhibition”) against the title of the registered owner of a qualifying estate if satisfied that—

(a)

the registered owner is an overseas entity, and

(b)

the entity became registered as the owner in pursuance of an application made on or after the date on which paragraph 2 comes into force.

(2)

No fee is to be charged for the entry of an overseas entity inhibition.

(3)

From and after the entry of an overseas entity inhibition, none of the dispositions mentioned in sub-paragraph (4) affecting the land in question are to be entered on the title register, unless one of the conditions in sub-paragraph (5) is met.

(4)

The dispositions are—

(a)

a transfer of the owner’s estate,

(b)

a grant of a leasehold estate where the term granted exceeds 21 years, and

(c)

the creation of a charge on the land.

(5)

The conditions are that—

(a)

the entity is a registered overseas entity, or is an exempt overseas entity, at the time of the disposition,

(b)

the disposition is made in pursuance of a statutory obligation or court order, or occurs by operation of law,

(c)

the disposition is made in pursuance of a contract made before the inhibition is entered in the register,

(d)

the disposition is made in the exercise of a power of sale or leasing conferred on the owner of a registered charge or a receiver appointed by such an owner, F2...

(F3da)

the Secretary of State gives consent under paragraph 4A to the registration of the disposition, or

(e)

the disposition is made by a specified insolvency practitioner in specified circumstances.

(6)

In sub-paragraph (5), in paragraph (e)—

“specified circumstances” means circumstances specified in regulations made by the Department of Finance for the purposes of that paragraph;
“specified insolvency practitioner” means an insolvency practitioner of a description specified in regulations made by the Department of Finance for the purposes of that paragraph.

(7)

Regulations made under sub-paragraph (6) are subject to the negative resolution.