Form 'A' restriction - Confused

northernmonkey0_0

A long process back in 2009 resulted in us having to go Bankrupt, discharged in 2010.

We're now looking to sell our current property and upsize.

Ive just phoned land registry to ensure we're free to sell and move to find out that's the Form J restriction has gone but there's still a form A restriction.

They're saying it's nothing to worry about but I can't help but doubt them somewhat.

What is it, and how can it be removed?

I think it's something to do with when we transferred the beneficial interest to a family member but I'm unsure...

Please help!

rpc

First step: http://lmgtfy.com/?q=form+a+restriction

Second step: Talk to your solicitor

(hint: It is usually placed if you hold the property as tenants in common)

northernmonkey0_0

Thanks for the Google link, if only I'd have thought of that myself.

Now on a serious note, I obviously did Google it before posting, however, I have no idea what 'tenants in common' is, or the future implications of it when it comes round to selling.

Land Registry are saying that as long as we sell for market value then it'll just fall off.

I'm asking as there's so many knowledgable people on here who can explain it in non legal jargon for me to understand.

I just want to be sure.

Land_Registry

A form A restriction can be entered in a wide variety of circumstances and sometimes the fact that one of joint owners is declared bankrupt will trigger it and so too can a Transfer to a beneficial owner if it is applied for.

The key aspect, as far as the legal title is concerned, is the wording of the restriction. In fact that is so for any restriction, the wording is vital and if you comply with it then a sale can be completed.

A form A states 'No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court.' - I have emboldened the key words re compliance so providing the sale is not being completed by a sole proprietor then the restriction should not come into play.

You say 'we're now looking to sell' so I assume there are still joint owners and you are all selling. The restriction should not therefore be an issue.

You also refer to 'transferring the beneficial interest' and I assume by that you mean that you are both registered as the owners but someone else has an interest in the beneficial side of things for example a share in the proceeds from any sale. If that is the case then their interest is dealt with after the sale is completed and the monies received. It should not impact on your ability to sell.

The devil is always in the detail though and I am sure any legal advisor would be able to check the details and confirm things for you.

Our online guidance explains joint property ownership and I have included it simply for others who may be viewing the thread

northernmonkey0_0

That's fantastic, thanks so much for the explaination.

Yes, there are two names on the title and we're moving looking to sell and move.

I have rung the land registry about this and they've said it should just 'fall' but always nice to have some reassurance. Once again, thank you.