Deeds of Charge Mortgage – Legal Office Notice No. 1 of 2012

Important Notice, March 2012

(Updated to reflect changes to the numbering of Rules and Forms as per the Land Registration Rules 2012 which came into effect on 1st February 2013)

Rule 105 of the Land Registration Rules 2012, published in S.I. 483 of 2012, prescribes 2 charge forms, Forms 51 and 52.  The rule, and forms, will apply to all charges, residential and commercial, executed on or after 1st March 2012.

A prescribed form of present and future charge, to facilitate residential mortgages is included, Form 51refers. The deed must be one page only with any Mortgage conditions filed on a separate document. This is based on the IBF form in widespread use since December 2009 and gives statutory validation thereto.

In respect of Debentures and Commercial Mortgages executed on or after 1st March 2012, where a specific charge on registered land is intended to form part of the security, Form 52 is the prescribed form in accordance with Section 62(2) of the 1964 Act. It is a simple one page document intended as supplemental to the principal deed of Commercial Mortgage/Debenture. The mortgagor will be required to execute both documents but only the one page Form 52 will be lodged with the Authority, the Debenture/Commercial Mortgage to be retained by the lending institution.

Both new forms may be adapted by individual lenders in accordance with Rule 52(1) of the aforesaid rules and, being one-page only, will facilitate the introduction of eregistration/econveyancing in due course.

Practitioners and lending institutions should note that while the above requirements apply to registered land only, there being no forms prescribed for unregistered land, the new forms facilitate charging unregistered land also, the mortgagor charging as ‘beneficial owner’ rather than as ‘registered owner’.

If you have any queries regarding Irish Banking Federation standard documents, please visit the Irish Banking Federation website.

Frank Treacy

Deputy Registrar

First published 18th January 2012

Updated 26 May 2014