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  • FIRST POST
    • karpoole
    • By karpoole 13th Mar 17, 10:17 PM
    • 6Posts
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    karpoole
    Restriction on property
    • #1
    • 13th Mar 17, 10:17 PM
    Restriction on property 13th Mar 17 at 10:17 PM
    hi, I have got a buyer for my house, but I have a restriction on it for money I owe to building society. Will it affect my selling, is it like a charge, where money will be automatically taken. Can they stop me selling, i'm really confused. Any help explaining what happens will be greatfully received . thankyou all
Page 1
    • marliepanda
    • By marliepanda 13th Mar 17, 10:30 PM
    • 4,467 Posts
    • 8,876 Thanks
    marliepanda
    • #2
    • 13th Mar 17, 10:30 PM
    • #2
    • 13th Mar 17, 10:30 PM
    hi, I have got a buyer for my house, but I have a restriction on it for money I owe to building society. Will it affect my selling, is it like a charge, where money will be automatically taken. Can they stop me selling, i'm really confused. Any help explaining what happens will be greatfully received . thankyou all
    Originally posted by karpoole
    It shouldnt be a problem. Im assuming the amount you are selling for is over the amount you owe the building society.

    TBH this is basically the same as a mortgage...
    Survey Earnings 2017 - £163
    • Chanes
    • By Chanes 13th Mar 17, 11:02 PM
    • 842 Posts
    • 520 Thanks
    Chanes
    • #3
    • 13th Mar 17, 11:02 PM
    • #3
    • 13th Mar 17, 11:02 PM
    It seems like a 'lean' which is placed on your property which must be settled when it is sold. So you should be able to sell, but you will have to pay the building society.
    • stator
    • By stator 14th Mar 17, 12:00 AM
    • 5,556 Posts
    • 3,537 Thanks
    stator
    • #4
    • 14th Mar 17, 12:00 AM
    • #4
    • 14th Mar 17, 12:00 AM
    The solicitor you hire to process the legal side of things will hold on to the money he received from the buyers to settle the debt and pay you the rest, unless you are buying another property?
    Changing the world, one sarcastic comment at a time.
    • TBagpuss
    • By TBagpuss 14th Mar 17, 12:22 PM
    • 5,540 Posts
    • 7,262 Thanks
    TBagpuss
    • #5
    • 14th Mar 17, 12:22 PM
    • #5
    • 14th Mar 17, 12:22 PM
    Is the offer you have accepted for a sum greater than the amount you owe to the building society + any other mortgage you have? If so, then it will be dealt with in the same way as any mortgage - your solicitor will get a redemption figure from them and will pay the debt to them out of the proceeds of sale, and they will relaease their charge / restriction over the property.

    If the amount you are sellin for is less than the amount to clear all of your debt then they don't have to release the restruction and you would need to negotiate with them to se whether you can convince them to do so. Whether onnot they agree will depend on your situation and in particualrm whether they think that they are more likely to get back what is owed y allowing the sale or by refusing consent and waiting for you to pay down the mortgage to the point where you can pay off the debt on sale.
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