NAMA – Registration of National Asset Management Agency Acquisition Schedules – Legal Office Notice No. 2 of 2011
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 (as replaced by Rule 186 of the Land Registration Rules 2012) 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 lodgement 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 Where a pending dealing, in which NAMA have an interest, is treated as abandoned, withdrawn or rejected, the project group is to be informed.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.
Deputy Registrar of Titles.
7th of February 2011
Updated 1 February 2013