Title absolute?

white_noise

I am looking to buy a property that has a hip and i am a little confussed about what "title absolute" means
it has the owner listed in 2003 as a the proprietor, then underneath it has something like

1987: restriction - Except under an order of the registrar no disposition by the proprietor of the land is to be registered without the consent of the proprietor of the charge dated XXXXXXX 1987 in favour of the XXXXXXX Building Society referred to in the Charges Register.

does this mean that the proprietor is the sole owner and has brought the property outright, or does the restriction mean that the property is partitially still owned by the bank?
Cheers
WN

DVardysShadow

Properties are owned by the owner. The registration of a charge means that the lender has first dibs on the proceeds of sale which is what you see. This makes it easier when the mortgage is paid off, there is no transfer of ownership [and no stamp duty]

ttd14

Dear White Noise

The proprietor -in a leasehold sense- is, quite simply, the leaseholder. You dont own the property, rather you own a slice of time in which you are allowed to occupy the property.

The original lease will list the original purchaser, as will the official copy entry from land registry (where your solicitor will register your interest in the property together with details of your motgagee).

The mortgage company merely has their interest noted in your property and the loan (mortgage) is secured against the property. A restriction is held by them to give them greater control over the property itself, together with what you choose to do with it.

G_M

ttd14 wrote: »

Dear White Noise

The proprietor -in a leasehold sense- is, quite simply, the leaseholder. You dont own the property, rather you own a slice of time in which you are allowed to occupy the property.

The original lease will list the original purchaser, as will the official copy entry from land registry (where your solicitor will register your interest in the property together with details of your motgagee).

The mortgage company merely has their interest noted in your property and the loan (mortgage) is secured against the property. A restriction is held by them to give them greater control over the property itself, together with what you choose to do with it.

Dear ttd14
I have no idea why you are talking about leaseholds. Nowhere does the OP mention that he plans to buy a lease.

Richard_Webster

Without complicating things unnecessarily "title absolute" is a good a title as you can get. Most titles are absolute. The title relates to the property not to the owner so if you buy it you will get title absolute.

The restriction is so that while they have a mortgage on the property the owner cannot deal with the property without the lender's consent.

When you buy the property your solicitor will make sure that the seller's mortgage is paid off and that entry will be removed.

If you are getting a mortgage your lender may have a similar entry put on to stop you dealing with the property (selling off bits of land,grating second mortgages to finance companies etc) without its consent.