LINZR Interim Ruling for registration requirements for determination of life estates and leases for life: version 2

Transcription

1 Interim Ruling for registration requirements for determination of life estates and leases for life: version 2

2 TABLE OF CONTENTS FOREWORD SCOPE REGISTRATION REQUIREMENTS SUGGESTED FORM Application form Statutory declaration... 5 APPENDIX APPLICATION FORM AND STATUTORY DECLARATION

3 FOREWORD The Land Transfer Act 1952 (LTA) and Land Transfer Regulations 2002 provide for the registration of life estates and leases for life, but do not provide clear direction on registration requirements when life tenants die. Purpose of interim Ruling The purpose of this interim Ruling is to give applicants and LINZ confidence that applications to register determination of a life estate or lease for life are correct and will be accepted for registration without requisition. Rationale for new interim Ruling Land Information New Zealand (LINZ) is tasked with meeting the Government s desired economic, social, and environmental outcomes in relation to its mandated subject areas. Accordingly, end outcomes, intermediate outcomes, objectives, and sub-objectives have been developed to clearly articulate the regulatory framework for each subject area. A risk-based approach is then used to determine the optimum level of intervention. If there is a high risk of not achieving an objective or sub-objective, then generally a higher level of intervention is required. Similarly, a low risk of not achieving an objective or sub-objective means a low level of intervention is necessary. The desired intervention is then developed to manage the identified risks and thereby achieve the relevant sub-objectives, objectives and, therefore, the outcome. The (RGL) has issued this interim Ruling to mitigate the risk of not achieving the following end outcome and objectives: End outcome All transactions entered into the Register are, prima facie, materially correct Objective Only legally valid types of transactions are registered The outcomes and objectives developed by the RGL for the land transfer system also reflect the objectives stated in s 4(3) of the LTA. Brief history of the Ruling This is a new Ruling. It is intended that this Ruling will stay in place until the RGL develops a standard for registration requirements relating to life estates and leases for life. 3

4 Feedback on the interim Ruling When developing any new standard for life estates and leases for life, the RGL will take into account any feedback from users of this interim Ruling. (a) (b) (c) (d) (e) Comments are invited, preferably in electronic format, on the technical content, wording, and general arrangement of this interim standard. Electronic comments should be sent by to or on a disc. Other formats - comments should preferably be typewritten. Please do not return a marked-up document in place of comments. Please provide your name and organisation (if applicable). Please place relevant clause numbers beside each comment. Please provide supporting reasons and suggested wording for each comment. Where you consider that specific content is too simplistic, too complex, or too detailed, provide an alternative. Normally no acknowledgement of comment is sent. All comments received will be put before the relevant drafting committee. LINZ is required to undertake its functions with a high degree of transparency. Accordingly, please be aware that any information provided to LINZ may be discussed with or provided to other parties. Please identify any information that you wish to remain confidential and provide reasons for this. You should also be aware that LINZ is subject to the Official Information Act

5 1 SCOPE This interim Ruling sets out the RGL's requirements for registering the determination of life estates and leases for life upon the death of life tenants or lessees, and provides a suggested form of application. 2 REGISTRATION REQUIREMENTS The requirements for an application to register the determination of a life estate or lease for life upon the death of the life tenant or lessee are as follows. (a) The person entitled to the estate in remainder or reversion (the applicant) must apply in writing for the RGL to: (i) (ii) record the determination of the life estate, and issue a new computer register in the name of the applicant, where applicable. (b) (c) (d) The applicant must provide evidence of death of the life tenant. The applicant must provide a statutory declaration verifying that the deceased and the registered life tenant were the same person, and that the applicant is entitled to be registered as proprietor. The applicant must pay any: (i) (ii) registration fee, and new title (computer register) fee, where applicable. (e) The lodgement code must be TSM. 3 SUGGESTED FORM 3.1 Application form A suggested form of application that covers the requirements of this interim Ruling is provided in the Appendix. This form is not prescribed or specified under s 238 of the LTA, and any application that covers the requirements in this interim Ruling will be accepted, without payment of a form approval fee. 3.2 Statutory declaration A suggested form of statutory declaration is provided in the Appendix. 5

6 APPENDIX APPLICATION FORM AND STATUTORY DECLARATION APPLICATION FOR DETERMINATION OF LIFE ESTATE OR LEASE FOR LIFE ON DEATH OF LIFE TENANT/LESSEE [and ISSUE OF NEW COMPUTER REGISTER (where applicable)] Land Registration District Unique Identifier(s) or C/T(s) All/Part Area/Description of part or stratum Applicant(s) Surname(s) must be underlined Life Tenant(s) Surname(s) must be underlined Estate or interest claimed APPLICATION The applicant hereby applies to the Registrar to record the determination of the life estate of the life tenant(s) [and issue a new computer register in the name of the applicant as proprietor(s)*] for the estate or interest referred to above in the land comprised in the above computer register(s), on the grounds set out in the statutory declaration in the Annexure Schedule. Dated this day of 20 Certified correct for the purposes of the Land Transfer Act 1952 [Solicitor for] the Applicant(s) * Delete this phrase where there is already a computer register in the name of the applicant for the estate or interest claimed. 6

7 ANNEXURE SCHEDULE APPLICATION FOR DETERMINATION OF LIFE ESTATE OR LEASE FOR LIFE ON DEATH OF LIFE TENANT/LESSEE [and ISSUE OF NEW COMPUTER REGISTER (where applicable)] STATUTORY DECLARATION Insert names, addresses, and details where indicated and delete phrases in [ ] as required I, [insert name here] of [insert address here] solemnly and sincerely declare that: 1. [I am [a director][an authorised signatory] of the Applicant, and I am authorised to make this declaration, having full knowledge of the matters set out below.]* 2. [The Applicant was][i was][we were] entitled to the estate in [remainder][reversion] in the land in the computer register(s) referred to in the attached application during the life of [insert name here], the life tenant, who is now deceased. 3. A certified copy of the [entry of the death of [insert name here] in the Register of Deaths] [Probate/Letters of Administration granted upon the death of [insert name here]] is annexed hereto marked A. The deceased and the person named as [insert name here] in the computer register(s) referred to in the attached application were one and the same person. 4. The life tenant s interest in the land in the computer register(s) referred to in the attached application has determined, and I verily believe [the Applicant is][i am][we are] entitled to be registered as proprietor(s) of the estate or interest claimed in the application freed from the life tenant s interest [and to have a computer register issued in [its][my][our] name where applicable].** AND I/we make this declaration conscientiously believing the same to be true and by virtue of the Oaths and Declarations Act 1957 DECLARED at [town/city] ) this day of 20 ) before me: ) A person authorised to take a statutory declaration under the Oaths and Declarations Act 1957 * Use this clause where the applicant is a corporation. ** Delete this phrase where there is already a computer register in the name of the applicant for the estate or interest claimed. 7