Form LRA 57 (Transfer of Charge) is a specialized land registration document used in Kenya when a lender (the Transferor) assigns or sells their interest in a registered charge (mortgage) to another entity or person (the Transferee). This form is jurisdiction-specific to Kenya and is governed by Regulation 73 of the Land Registration (General) Regulations, 2017, enacted under the Land Registration Act, 2012. It facilitates the legal transfer of debt and the accompanying security interest from one creditor to another without discharging the original charge on the property.
This advocate-reviewed template is available for download on wansom.ai and is primarily intended for financial institutions engaging in debt secondary markets, mortgage lenders, legal practitioners, and assignees taking over existing loan portfolios. The use of this form is essential for maintaining a clear chain of title in the Encumbrances Section of the Land Register, ensuring the new lender has the legal standing to enforce the charge's remedies if necessary.
The downloadable template includes comprehensive sections for the Title Number, the date of the Original Charge, and its corresponding Entry Number in the register. It specifically captures the Consideration (purchase price) for the transfer and requires a confirmation of the Outstanding Amount secured by the charge, often verified by the Chargor (the borrower) if they are made a party to the document. The document must be executed as a deed, including detailed sections for Powers of Attorney and a Certificate of Verification under Section 45 of the Land Registration Act. To be legally valid, all parties must provide colored photographs, ID/Passport numbers, and Tax PIN numbers, which must be authenticated by the person witnessing the execution. This legally compliant, ready-to-use template ensures a seamless and enforceable transfer of financial security interests within Kenya’s land registration system.