Use this form:
When you are granting leasehold title (a Lease) of a parcel of land, property (or Strata Unit), where the lease term (length) is greater then 2 years (taking into account options to extend) and where the Lease is to another person including:
- Third Parties
- Family Members
This form should be used for both Leases and Sub Leases (where a Leaseholder grants a right to another person), however slightly different information should be provided in each instance. It can also be used for Variation of an existing Lease.
Whilst it is not compulsory to Register a lease where the term (length) is less than 2 years, you may choose to do so in accordance with these instructions.
In submitting this form you should enclose the following (where applicable):
- Completed submission record, ensuring checklist to the rear of the form is completed
- A plan, clearly indicating the premises under Lease where only part of a parcel is being lease, and ideally stating the area
- The consent of the Chargor to the Lease (if there is a Charge / Mortgage over the premises)
- The consent of the Landlord / Head Lessee to a the Lease (Sub-Lease only)
- A declaration or request to remove any existing Leases over the premises being Leased (if applicable) (Not applicable if existing Lease is in the name of the same Tenant, and of the same premises)
- Copy of Certificate of Good Standing (companies only)
- Permission to hold property from Minister of Finance (exempt companies only)
- Removal of any Restrictions or Cautions (if required)
- Certified Copies for Caymanian Stamp Duty Concession (Leases Terms only in excess of 30 years)
- Waiver letter from Minister of Finance (if applicable)
- Chattels List (if deduction for Chattels made)
- Purchase Agreement or Receipt (if ad-valorem Stamp Duty paid on Purchase Agreement)
Once signed the form should be submitted to the Lands & Survey Department within 45 days of first signature, unless signed outside of the Cayman Islands , to avoid the accrual of late submission penalties.
|Lease for in excess of 30 years
Ad Valorem Duty as applied to a Conveyance, based on the Consideration or Market Value of the property, whichever is higher
|Lease where a premium is payable
Ad Valorem Duty as applied to a Conveyance, based on the Premium or Market Value of the right granted, whichever is higher
|Lease for in excess of 10 years
|20% of the Average Annual Rent payable for the Term (including options to extend) or the Market Rent whichever is higher
|Lease for in excess of 5 years
|10% of the Average Annual Rent payable for the Term (including options to extend) or the Market Rent whichever is higher
|Lease for between 1 - 5 years
|5% of the Average Annual Rent payable for the Term (including options to extend) or the Market Rent whichever is higher
|Lease for less than 1 year
|5% of the Aggregate Rent (total rent) payable for under the Lease or the Market Rent whichever is higher
RL Form must be completed in Duplex format. If you do not have a Duplex Printer, print page 1, reinsert the page to the paper tray, and print page 2.
When completing the form ensure that:
- Triplicate (three) copies are prepared (all three copies must be submitted)
- Full names are stated (or as recorded on the existing Register), with signatures witnessed by a Justice of the Peace, Notary Public or member of authorised Land Registry staff, and correctly dated. Notary Public’s whose commissions do not expire must state so on the Registration Form
- Full address is stated for the Purchaser, including postal / zip code
- Amendments are initialed by all parties. The use of correction fluid is not permitted
Information on Specific Transaction Types
- Ensure that the Head Lease number is recorded on the RL8 form as part of the Parcel number. ie. Parcel 159/12
- A Sub-Lease can only be granted for a Term equal to or less than the residual term of the Head Lease. For instance a Sub Lease for 5 years cannot be granted if a Head Lease expires in 4 years.
Variation of Lease
- Ensure that the Lease number is recorded on the RL8 form as part of the Parcel number. ie. Parcel 159/12
- Use the same RL8 for as for a new lease, but write or type the words 'Variation of' in front of the document title
- Outline in the body of the document the variations that are to be made to the Lease, or refer to an attached schedule.