Form LRA 56 - Memorandum of Variation of Charge

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Document Overview

This is a statutory instrument used to vary terms of an existing registered charge over land (e.g., interest rate, tenor, repayment schedule, covenants, or to add a borrower/chargor).

Purpose / when to use it:
1. To legally record agreed changes to a registered charge without discharging and re-registering a new one.
2. Typical variations: interest margin changes, conversion of facility type, rescheduling installments, adding/releasing a borrower/guarantor, correcting descriptive errors, or updating collateral descriptions.

Key parts of the form:
- Title Number; Date of Issue; Date(s) of Charge and Register Entry Number(s).
- Parties: Chargor, Chargee, and (if applicable) Borrower—full names and registration numbers for companies.
- Variation clause(s): numbered lines setting out each change precisely.
- Execution: signatures/seals of all parties (including borrower), with verification/attestation under s.45 LRA; space for bank attorneys acting under registered Power(s) of Attorney; passport photo, ID/Passport No., KRA PIN, and certifier’s details where required.
- Registrar’s section: entry number, seal, and registration details.
- Notes include identity/attestation requirements and an instruction to attach a survey plan* where applicable.

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Form LRA 56 - Memorandum of Variation of Charge

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