Land Registry Title - for those of you who have bought back BI

Poodle34

Hi,

We bought our BI back in January, and today out of curiosity I've been on the land registry site to look at our house.

There is a restriction in the Proprietorship Register still showing that reads:

13.08.09 - Restriction - no disposition by a sole proprietor the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court.

What does this mean? We declared BR in July09 - so I'm a little surprised to this this on our deeds.

Many thanks to any of you who can help with this!

Poodle

pinkey1

hi poodle we have just had ours signed back to us and ours says the same thing on the date we was made bankrupt or they had intreast in the house but as was neg equity we have brought back so i think it should show something else on there at a later date when they remove it but not sure how works as think that bit stays on the land reg for 5 years? would be good to no how all works or what happens we got our deed off assingment back first then the other letter to say the the restrictions in favour of the official receiver have now been removed so i was told once been brought back thats it whatever you make in years to come is yours hopefully someone who knows how this works or that works in law can help us he he xx

gurnE

It just means the property is held 'Tenants in Common' as opposed to Joint Tenancy.

In a nutshell, instead of both owners owning 100% of the property both owners own a share of the property eg. 50% & 50%
No disposal by a sole proprietor simply means one of the joint owners can't sell the property without the other without a court order.

I would guess that following your BR they severed the Joint Tenancy so they can take ownership of your half of the house and now your half has been transferred back to you.

Nothing to worry about, just be aware that your share of the property will not transfer automatically to the other owner (your partner?) if anything happens to you.

pinkey1

hey thank you for your reply where you say if one off me or my hubby died might not go to the other person who will it go to as the or no longer has anything over the house? and we have 2 young kids to think off if anything happed to us would life insurance help with this as would pay the house off etc.. do we need to do anything thank you again for your help

pinkey x

Poodle34

Yes thank you so much for your reply. We are married, so does that make a difference, or would I need to make a will leaving my half of the property to hubby and him doing the same for me?

It's all very confusing this, thank God for this forum and the kind people who help out on it!

gurnE

Don't worry, the only people who own your house are the people named as proprietors.

If any company has any financial interest in your house it will be listed separately on the deeds as a charge.

Regarding what would happen if you pop your clogs. A joint tenancy property automatically transfers to the other owner(s) when one of them dies.

With tenants in common the deceased's share of the property belongs to their estate.
Without a will it would be dealt with in accordance to the rules of intestacy which can get quite complicated however if you are married and your estate is worth less than £250,000 then everything would pass to you anyway. I won't go into estates over 250k because that get's a bit more complex as it depends what relatives survive you.

If you have any substantial assets in your estate a will is always a good idea regardless....