Part 1: Registration of Overseas Entities Schedule 4: Land ownership and transactions: Scotland Part 2: Transition: deeds registered pre-commencement Disapplication of certain provisions during transitional period
Paragraph 11 of Schedule 4 sets out the circumstances in which an overseas entity is not required to become a registered overseas entity within the transitional period.
	The provisions in paragraph 11(3) and (4) do not apply during the period of six months from the commencement date. These provisions are (i) section 112A of the LSRA 2012, as inserted by this Act; (ii) paragraphs 2 and 4 of schedule 1A to the LSRA 2012, as inserted by this Act, as regards the plot of land or, as the case may be, lease.
	The effect of paragraph 11 is that:
an overseas entity that is a proprietor of registered land and became so registered in the Land Register on or after 8 December 2014 may, within six months of the commencement date, grant a qualifying registrable deed or a registrable deed which is a standard security without the overseas entity having to comply with the registration requirements under the Act;
a person may, within six months of the commencement date, make a prescriptive claimant application in respect of land registered in favour of the overseas entity described in a. without the overseas entity having to comply with the registration requirements under the Act;
an overseas entity described in a. above will not commit an offence under section 112A if it grants a deed described in a. above within six months of the commencement date.