Archive for March 20th, 2011

Referred to here during the week, the Sunday Independent has today published what it claims to be details of the charges that NAMA is now registering en masse against Irish property owned by NAMA developers. To access the information directly yourself you will need register with the Land Registry and pay a fee to obtain details of the charges in the name of “National Asset Loan Management Ltd”, the NAMA group company administering the loans. If you wish to register, you must complete Form landdirect.ie 1 – this form must be printed and submitted to the Property Registration Authority of Ireland (PRAI)  by post, as a signature is required.  The completed form can be sent to Michelle St. Leger, Property Registration Authority, Chancery Street, Dublin 7 with a minimum pre-payment of €125 which will be credited to your account.  See here for details of how payment can be made.

Most of the details published by the Sunday Independent have been, as far as I can tell, in the public domain for some time through speculation if not indeed verified reporting.  There are few new names associated with the top NAMA developers. The newspaper claims that 70% of the loans in Tranches 1 and 2 are reported in its story today. The intense interest in these registrations will only grow when NAMA begins registering charges against smaller value loans. The PRAI has issued a statement on NAMA’s registrations which reads

Registration of National Asset Management Agency [NAMA] Acquisition Schedules

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 224(ii) of the Land Registration Rules 1972 to 2009 refers.

A Project Team based in the Chancery Street office has been established to process these applications. The first 10,000 dealing numbers for 2011 have been ascribed to NAMA applications and queries arising in respect of these dealings are to be passed to the project group. Registration is effected on lodgment of a sealed certificate made pursuant to section 108 of the National Asset Management Agency Act 2009.

The lodging party in each case is “National Asset Management Agency” and the dealing type is “NAMA Acquisition Order” with schedule of acquired assets appended.  The applicant and the entity registered on the subsidiary register is “National Asset Loan Management Limited”.

Details of the registered charge are set out in Part 1 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 under which the charge was originally registered on the borrower’s folio. A note is entered at the relevant charge in Part 3 of the borrower’s folio that ownership of the charge has been transferred to the subsidiary register.

A new seed-point coloured in 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 the leasehold properties have not been mapped using the MSB tree system.

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 group is to be informed.

Subject to the above, all queries relating to NAMA matters are to be passed to the Divisional Manager in the first instance for referral to the Deputy Registrar where necessary.

John Deeney
Deputy Registrar of Titles
7th of February 2011.”

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