All non-UK entities that own any UK land, whether residential or commercial, must register on the newly established Register of Overseas Entities by 31 January 2023 or before transacting if the entity is buying, selling, transferring, leasing or mortgaging UK property.
This new legislation applies to any company or similar entity that is incorporated outside of the UK and broadly apply to any freehold or leasehold property in the UK. Please read our previous update for further information.
If an overseas entity holds UK land and is not registered within the timeframe then it will be subject to financial penalties and potentially prison sentences for failing to comply. Any defaulting company will also have restrictions imposed on their ability to buy, sell, transfer, lease or mortgage their UK property until they have complied.
In order to register, overseas entities will need their information to be verified by an authorised agent. Collas Crill can assist with verification and registration – for more information and advice, please contact Mike Morris.