Registered landowners whose properties are subject to loans being transferred from participating institutions to NAMA may have recently received notice of an application to the Land Registry for registration against their property of a “NAMA Acquisition Order”.
Although NAMA is not required to register its interest in the loan as it automatically enjoys the powers of the participating institution that transferred the loan once the loan is acquired, it is still proceeding to do so. It does this by certifying that it holds the relevant loan specified (Section 108 Certificate) and such certificate is deemed to be conclusive.
It is important to note that a Section 108 Certificate does not transfer ownership of a borrower’s interest in a secured property to NAMA but rather registers NAMA’s interest in the relevant loan affecting the property.
Contributed by Tara Rush, Andrew Muckian.
