F1SCHEDULE 1ALand transactions: overseas entities
Cases where Keeper must reject application under section 21
2
(1)
This paragraph applies where—
(a)
a person applies under section 21 for registration of a qualifying registrable deed or a registrable deed which is a standard security,
(b)
the granter of the deed is an overseas entity whose interest is registered, having been so registered on or after 8 December 2014, and
(c)
as at the date of delivery of the deed, the entity was not a registered overseas entity or an exempt overseas entity.
(2)
The Keeper must reject the application unless one of the following conditions is met—
(a)
the application is made—
(i)
in pursuance of a statutory obligation or court order, or
(ii)
in respect of a transfer of ownership or other event that occurs by operation of law,
(b)
the application is made in pursuance of a contract entered into before the later of the dates mentioned in sub-paragraph (3);
(c)
the application is made in pursuance of the exercise of a power of sale or lease by the creditor in a standard security that was registered on or after 8 December 2014;
(d)
the application is made in pursuance of the exercise of a right conferred on a body by relevant legislation to buy land or the interest of a tenant under a lease;
(e)
the Scottish Ministers give consent under paragraph 7(2) to the registration of the deed;
(f)
the deed is granted by a specified insolvency practitioner in specified circumstances.
(3)
The dates are—
(a)
the date on which the granter’s interest was registered;
(b)
the commencement date.
(4)
In sub-paragraph (2)(d), “relevant legislation” means Part 2, 3 or 3A of the Land Reform (Scotland) Act 2003 or Part 5 of the Land Reform (Scotland) Act 2016 (being provisions which confer on certain community bodies etc. the right to buy certain types of land or the interest of a tenant under a lease of certain types of land).
(5)
“specified circumstances” means circumstances specified in regulations made by the Scottish Ministers for the purposes of that paragraph;
“specified insolvency practitioner” means an insolvency practitioner of a description specified in regulations made by the Scottish Ministers for the purposes of that paragraph.