ARTL: The Full Monty
Registers of Scotland announces the first full property transfer using the ARTL system, and provides updates on stamp duty land tax and personal bankruptcy
The Journal, May 2008, page 15
ARTL: first full transfer
On Thursday 17 April 2008, the first full property transfer, including the processing of stamp duty land tax (SDLT), successfully took place through the Automated Registration of Title to Land (ARTL) system, marking a key milestone for the Registers of Scotland (RoS) ARTL project.
The transaction involved PSM Direct (buying agent) and Somerville & Russell (selling agent).
Representatives from the Law Society of Scotland, HM Revenue & Customs (HMRC), BT and RoS attended the PSM Direct office in Dunfermline to observe the first transaction (pictured).
Commenting on this significant development…
Andy Smith, Director of Registration, RoS: “This is a major step forward in the development of ARTL and a keystone in our eRegistration programme. ARTL will improve the way in which Registers of Scotland delivers services to solicitors, the financial community and ultimately the Scottish public. It has enabled us to reduce registration fees for ARTL transactions.”
Kyle Peddie, chief executive, PSM Direct: “We have been involved in the live remortgage pilot since August 2007 and have experienced the benefits that using ARTL brings to us and to our clients. Today marks an important step in the rollout of ARTL to the legal profession and a significant milestone in the history of conveyancing in Scotland.”
Pamela Duncan, Somerville & Russell: “We are extremely pleased to be involved in the first full transfer of a property title using the ARTL system. This is an exciting time and a huge leap forward for Scottish conveyancing.”
Professor Stewart Brymer, Law Society of Scotland: “This is a major milestone in the development of ARTL. It represents a significant step towards full e-conveyancing. I am confident that, in ARTL, Scotland has world-leading technology in eRegistration of which we should be proud.”
Tom Kelly, director, BT Devolved Government: “The use of digital signatures in a system of this kind is a first in Europe and has allowed a traditional, paper-based process to be transformed into a highly sophisticated, online system.”
To find out more about ARTL, visit: www.ros.gov.uk/artl2008 Budget: stamp duty land tax
The 2008 Budget has removed the need for an SDLT60 (self-certificate) to accompany an application for registration in the Land Register or an application to record a deed in the General Register of Sasines or Books of the Lords of Council and Session where the application/deed relates to a non-notifiable land transaction.
HMRC has also extended the category of “non-notifiable transactions” to include all transfers of title where the consideration is less than £40,000. This £40,000 threshold applies to both commercial and residential property. This change applies to non-notifiable transactions with an effective date on or after 12 March 2008.
The Keeper continues to have a duty under s 79 of the Finance Act 2003 to ensure that any land transaction which is notifiable is not accepted for registration or recording without an SDLT5.
Further information can be found at www.ros.gov.ukChanges to bankruptcy legislation
Part 1 of the Bankruptcy and Diligence etc (Scotland) Act 2007 came into effect on 1 April 2008. Part 1 of the Act introduces a number of significant changes in the bankruptcy regime. For instance, debtors will be discharged from bankruptcy after one year; and debtors will now apply to the Accountant in Bankruptcy instead of the sheriff court for their own sequestration.
The new legislation has an impact on transactions with heritable property which are entered into by debtors or their trustees in sequestration. There are new provisions affecting the validity of transactions around the time that the sequestration commences, and there are also new provisions for the reversion of property from the trustee to the debtor.
As a result of these changes, solicitors may see a number of new types of deed being disclosed in searches of the Register of Inhibitions. Practitioners should also be aware that there are a number of changes in the Keeper’s requirements regarding the documents to be produced with an application for registration in the Land Register, where either the trustee or the debtor is a party to a transaction.
These changes are summarised in a news brief at www.ros.gov.uk/registration/bankruptcyupdate.html .Enquiries on the requirements for applications for recording in the Register of Inhibitions should be made to CAJR on tel: 0131 479 3629 or fax 0131 200 3917.
Enquiries on the requirements for registration in the Land Register should be made to Pre-Registration Enquiries on tel: 0845 607 0163 or fax 0131 479 3675..
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