Real Estate Blog: Our Economic Crime Quick Reference Guide

Further to last year’s Real Estate Blog series on the Economic Crime (Transparency and Enforcement) Act 2022 (‘ECTEA’), the transitional period for overseas entities that own qualifying estates in land in the United Kingdom (in England and Wales this means freehold properties and leasehold properties for leases of terms of seven years or more) to register at Companies House ended on 31 January 2023.

Any such overseas entities that have not already registered (or applied to register), now face criminal penalties and Land Registry restrictions on dispositions (sales, leases and legal charges) of those properties. Overseas entities looking to acquire qualifying estates in land must also register at Companies House, before they can be registered as proprietors of the property at the Land Registry.

Take a read of our updated Quick Reference Guide. This guide provides a high level overview of ECTEA, sets out key implications, and some practical hints and tips.

The guide cannot be relied on for legal advice – if you are/may be impacted by the provisions of ECTEA, we recommend you obtain bespoke legal advice as soon as possible.

Please speak to one of our specialist lawyers for more information on the ECTEA:
Alice Dockar & Laura Brown (Real Estate)
Natalie Drought & Francis Dalton (Corporate)
Chris Freeston & Katie Hillier (Banking & Finance)

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In case you missed our Economic Crime series last year, please find all four blogs below:
Part 1
Part 2
Part 3
Part 4

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The content of this page is a summary of the law in force at the date of publication and is not exhaustive, nor does it contain definitive advice. Specialist legal advice should be sought in relation to any queries that may arise.