On 1st August 2022 a new Register of Overseas Entities came into force in England and Wales.
If your company is registered in a country outside of the UK, but it owns Property in England and Wales, you should consider if the change in the law affects you.
‘Overseas Entities’ who want to buy, sell, transfer, or mortgage Property or grant or take a lease of over 7 years in England and Wales must first register with Companies House and reveal their beneficial owners and managing officers.
The change in the law also applies retrospectively and ‘Overseas Entities’ who bought Property or took a lease in England and Wales after 1 January 1999 must register by 31 January 2023. In addition, any ‘Overseas Entities’ that disposed of Property after 28 February 2022 will need to register and give details of that disposal.
At Else Solicitors we are able to advise and assist with the full range of issues relating to commercial property, please speak to Caroline Major, Head of Commercial Property on 01283 526200 who can provide guidance on this change.