The majority of landowners and their agents are now well acquainted with the new land registration regime introduced by the Land Registration (Scotland) Act 2012 but just as they are getting to grips with the processes and timescales involved, it seems that they will in the future need to take account of another Register. The proposed Register of Persons Holding a Controlled Interest in Land requires information to be disclosed in respect of persons (including partnerships, trusts and overseas entities) holding controlled interests in land.
While the new Register is not yet in force, draft regulations have been published by the Scottish Government and the consultation period closed in early November 2018. In practice, the proposals will mean yet another check for lawyers to make at the landowner’s expense.
View entire article here.