If an overseas entity doesn’t apply to have its details on the register, it may impact the entities ability to sell or register leases of more than 7 years or charge the land it owns. There could also be title restrictions and delays in legal title passing.
Failure to comply with the new legislation is potentially a criminal offence and there are associated financial penalties. Firms should be cautious when agreeing to verify any overseas entities as a ‘relevant person’ for the purposes of their registration.This is different and should not be confused with normal ID verification.
What we’ll cover in the session:
- An overview of the new legislation
- The risks involved when ‘verifying’ an overseas entity
- What conveyancing firms should be doing now to protect themselves