HM Land Registry Letter to Overseas Entities:What you need to know about the Notice of Entry of a Restriction
The month of October saw HM Land registry applying restrictions upon all overseas entities that own UK property, in accordance with the Economic Crime Act 2022 (“ECA22”). All overseas entities should have received a letter notifying that the registration has now been placed upon a title number. Overseas entities have until the 31 January 2023 to register with Companies House to obtain a Register of Overseas Entities (ROE) number. Further information on this can be found here
If you have obtained an ROE number, the restriction will still remain on the title number however, you will have complied with the ECA22 and will be able to transact with the property or land as and when required.
For those who have not yet registered, non-compliance with the register has severe penalties, individuals could be fined up to £2,500 per day or get a prison sentence of up to 5 years. Furthermore, there may be limitations on transacting with UK property or land.
Our team can update you on crucial deadline information, assist in obtainingROE numbers and discuss compliance penalties regarding the Register of Overseas Entities.