Paragraph 1 Charge accompanying application for first registration and registered transactions for monetary consideration

Where, on an application (“the primary application”) for:

a charge by the applicant or by a predecessor in title of such applicant (in the case of first registration) or by the transferee (in the case of a transfer or exchange) is delivered either with the primary application or before the primary application is completed, no fee shall be payable for the registration of the charge:

Provided that where the charge also comprises registered land (“the additional land”) which is not the subject of the primary application the abatement shall not extend to the additional land so that, in addition to the fee payable in respect of the primary application, there shall be paid a fee in accordance with Scale A in Schedule 1 on an amount calculated in accordance with the following formula:

$$\genfrac{}{}{0.1ex}{}{\text{Value of the additional land}}{\text{Value of whole security}}\times \text{Amount of charge}$$