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An assignment of security deed transfers the benefit of an existing security instrument (such as a mortgage, debenture, or fixed charge over property) from one creditor to another. It is used when a lender sells a loan and its associated security, when security is transferred between group companies, or as part of a syndicated lending arrangement where one lender's participation is sold to another.

The assignment must be documented in writing and satisfy the deed formalities under LP(MP)A 1989. The assignment should then be noted on the HM Land Registry charges register for the secured property. Written notice must also be given to the chargor under s.136 LPA 1925. These three steps together perfect the legal title of the assignee to the security.

Written notice must be given to the chargor identifying the assignee and specifying the date of assignment. Notice converts the assignment from an equitable to a legal assignment. After notice, the chargor must deal with the assignee as if it were the original chargee. Notice should be served in a way that provides clear evidence of receipt, such as recorded post or email with delivery confirmation.

The original charge over a company's assets must be registered at Companies House within 21 days of creation. An assignment of the benefit of that charge to a new chargee does not itself need to be registered as a fresh charge, but updating the register to reflect the new chargee is good practice and avoids misleading the public register. Some lenders also file a Companies Act statement to record the assignment.

If the original lender (chargee) becomes insolvent, an insolvency officeholder will be appointed and will deal with the security as an asset of the estate. An assignment completed in the period immediately before insolvency may be challenged as a transaction at an undervalue or a preference under the Insolvency Act 1986. Assignments completed at arm's length for full market value are far less vulnerable to such a challenge.

The assignor typically warrants that it holds the security free of any prior or competing charge, that the security is valid and enforceable, that the secured obligation is outstanding and the amount stated is correct, and that no default or dispute has arisen that would affect the security's value. The assignee should always carry out independent due diligence as warranties are only a fallback remedy.

Yes. The benefit of a floating charge, as well as a fixed charge, can be assigned by deed. The assignment should describe the charge by reference to the original charge document and registration date, and should include any crystallisation provisions that have been triggered. Where the floating charge is registered at Companies House, the assignee may file a statement to record their interest as the new chargee.

Assigning the benefit of a regulated residential mortgage does not itself require FCA authorisation. However, if the assignee intends to administer the mortgage by communicating with the borrower about payments, arrears, forbearance, or variations, those activities are regulated under FSMA 2000. The assignee must either hold FCA authorisation as a mortgage administrator or appoint an authorised firm to perform those functions on its behalf.