Section 33(1)

1 The Land Registration Act 2002 is amended as follows.

2 After section 85 insert -

"Overseas entities

85A Overseas entities

Schedule 4A is about the ownership of registered land by overseas entities and about registrable dispositions made by them."

3 After Schedule 4 insert -

"SCHEDULE 4A OVERSEAS ENTITIES

Section 85A

Meaning of "qualifying estate"

1 In this Schedule "qualifying estate" means -

(a) a freehold estate in land, or

(b) a leasehold estate in land granted for a term of more than seven years from the date of grant.

Registration

2 No application may be made to register an overseas entity as the proprietor of a qualifying estate unless, at the time of the application, the entity -

(a) is a registered overseas entity, or

(b) is an exempt overseas entity.

Restrictions on disposal

3