House/shop purchase - title deeds query

emv

Hi

We're looking to buy a house & shop. The shop was a convenience store which closed over a year ago. The title deeds have this clause in them:

"No disposition of the registered estate, other than a disposition by the proprietor of any registered charge registered before the entry of this restriction, is to be registered without a certificate signed by the applicant for registration or their conveyancer that written notice of the disposition was given to xxx Supermarkets Group Limited, being the person with the benefit of an interim charging order on the beneficial interest of Mrs A and Mr B made by the xx County Court on 29 June 2010.”

Is this likely to mean that the convenience store group could object to the sale? Or just that they need to be informed? We have no plans to open up a convenience store but to use it for other retail...

Emmavix

Horace

I thought that putting a charge against a property prevented that person from selling it (I recall putting a charge against the marital home once to prevent it being sold from under me).

I think you would need to seek advice from a solicitor because I know nothing title deeds etc.

antrobus

I think it means that Mrs A and Mr B owe xxx Supermarkets Group Limited some money, and so xxx Supermarkets Group have begun the process of sticking a charge on the property in order to get their money back. I don't think it's any particular cause for alarm for any prospective purchaser. All it means is that if you do buy the property, the various legal bods handling the conveyancing mechanics will ensure that xxx Supermarkets Group get the money due before it gets into the hands of Mrs A and Mr B.

emv

Many thanks. Do you think this would affect their ability to split the title of the porperty, though? We hoped to negotiate separate title for the shop & the house to allow us to get the best deal on a mortgage (as per advice from mortgage advisers).

Savvy_Sue

emv wrote: »

Many thanks. Do you think this would affect their ability to split the title of the porperty, though? We hoped to negotiate separate title for the shop & the house to allow us to get the best deal on a mortgage (as per advice from mortgage advisers).

I think if antrobus is right (and I have no reason to think otherwise!), that could be treated as an entirely separate question - can you split the title after the sale? what will it cost to do so? regardless of what the 'charge' means.

If the two parts would be held by different entities, then splitting the title does make sense - obviously you'd be owning the house as individuals, but would the shop be held by a ltd co / partnership?

You do have a solicitor involved in this, don't you? You really need one. What you spend on taking advice on this you will save many times over if you get it wrong and have a nasty mess to sort out later. We could be talking absolute rubbish here ...

emv

We do have a solicitor & we haven't yet made an offer on the property so we're not 'doing' anything yet, just at the speculation stage! But keen to see what's feasible before we get our hopes up & then get caught out on a technicality! Thanks for your thoughts..