Restriction on property, remortgaging.

buytwolet

I'm in the process of remortgaging, moving from a 5.09% 10 year IO fix, 6 years earlier than the end date with a £5,000 early redemption penalty and onto a new 3.04% 10 year capital repayment so the monthly payments remain and I get to move away from the unethical bank.

The conveyancer has told us there is a restriction on the mortgage and they can't proceed until that has been lifted. News to me as we have no debts outside of the current mortgage. They want us to pay them £240+vat to complete the necessary paperwork rx3 which seems a bit steep looking at the document, I could do that...

Where do I get hold of a copy of the Restriction Order, do I need to visit the land registry or is there an easier way to go about this.

Alternatively we could clear the mortgage (I have the cash) but would we be able to continue with the remortgage and have the funds released back into my account.

Also taking my name of mortgage at the same time and transferring my 1% equity to the wife. So a transfer of equity is involved.

Thanks.

Thrugelmir

Solicitor acts for the lender so no avoiding a charge of some kind.

The restriction will be available to see on the Land Registry website.

buytwolet

Thrugelmir wrote: »

Solicitor acts for the lender so no avoiding a charge of some kind.

The restriction will be available to see on the Land Registry website.

Agreed but the letter clearly states this is extra work they'll very happily undertake for a fee or that I can use a third party for. I thought I might as well do that part myself then.

Thrugelmir

buytwolet wrote: »

Agreed but the letter clearly states this is extra work they'll very happily undertake for a fee or that I can use a third party for. I thought I might as well do that part myself then.

Find out what it's in relation too first. Then you'll need to obtain the creditors agreement to remove it.

buytwolet

Title absolute
1 (07.02.2011) PROPRIETOR: ******** and ******** of ********, ********, ********, *** ***.
2 (07.02.2011) The price stated to have been paid on 28 January 2011 was £160,000.
3 (07.02.2011) RESTRICTION: 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.
4 (07.02.2011) The Transfer to the proprietor contains a covenant to observe and perform the covenants referred to in the Charges Register and of indemnity in respect thereof.5 (07.02.2011) RESTRICTION: No disposition of the registered estate by the proprietor of the registered estate is to be registered without a written consent signed by the proprietor for the time being of the Charge dated 28 January 2011 in favour of The Co-operative Bank PLC referred to in the Charges Register.

buytwolet

So the restriction was placed by the very company providing our original mortgage and that we now want to dissociate from. Sticks in my craw. How do I go about getting this lifted as there is no capital risk for the unethical sordid bank as they will get their money by virtue of the fact it's a remortgage.

It's an amicable move between the two proprietors (wife and myself) I just want sole ownership in her name (£100,000 equity) so I can buy our second home (conveniently near a good secondary school) in my name and live across the two.

How do I extricate ourselves here.

Thanks.

Thrugelmir

Rewind a little.

Do you have an offer of a new mortgage?

Is the conveyancer you are using on the panel of the new lender?

buytwolet

Thrugelmir wrote: »

Rewind a little.

Do you have an offer of a new mortgage?

Is the conveyancer you are using on the panel of the new lender?

Yes to both.

Conveyancer is approved by the new mortgage company as they are using them and providing £250 of legal fees and also on the unethical banks approved panel.

Edit: I think I can see where you're going with this, she's going to have to contact our current mortgage provider go through an affordability assessment and if they then say yes, take my name off the mortgage deeds and do the transfer of equity then lift the restriction as it no longer applies?? Then we are good to go?

Thrugelmir

buytwolet wrote: »

Yes to both.

Conveyancer is approved by the new mortgage company as they are using them and providing £250 of legal fees and also on the unethical banks approved panel.

Then your only option is to pay their fees I suspect.

buytwolet

Thrugelmir wrote: »

Then your only option is to pay their fees I suspect.

Bar stewards. Money for old rope. Thanks Thrugelmir

xHannahx

Will the mortgage company you are paying off with the remortgage not discharge their charge when you settle and removing said caution in the process?