Form LRA 55 - Consent for Second or Subsequent Charge

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Document Overview

It is used when a property already has an existing charge (mortgage/loan security), and the chargor (borrower/landowner) seeks to create a second or subsequent charge over the same land.

The Chargee (first lender) must consent to allow another lender (second or subsequent chargee) to register their interest against the same property.

The form serves the following purposes:
1. To obtain formal consent from the existing chargee (first lender) before registering another charge.
2. To ensure priority of charges is clearly established (pari passu, subsequent, or in priority).
3. To protect lenders by clarifying their rights over the charged property.
4. To protect the chargor and borrower by ensuring all charges are validly and transparently recorded in the land register.

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Form LRA 55 - Consent for Second or Subsequent Charge

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