As part of the completion of the land register, the General Register of Sasines will close to new standard securities on 1 April 2016. This change affects people in Scotland with titles held on the sasine register who take out borrowing with a new lender.
Applicants planning to use a new lender to re-mortgage or take out additional lending secured on their existing Scottish property may need to prepare a voluntary registration application to move their title onto the land register.
The change is expected to affect a small percentage of people seeking lending against their property, with historically around four to five thousand applicants who still have property on the sasine register taking out a new security with new lenders each year.
Further information and key facts about the closure of the sasines to standard security in Scotland can be found on the Registers of Scotland website: www.ros.gov.uk/securities
