Remortgaging with restrictions on land deeds - Advice

danbas77

Hi hopefully someone can offer me some advice.
We foolishly took on a welcome finance consolidated secured loan back in 2007 and have not paid a penny or contacted them since 2010 wen we got into financial trouble.
Long story short, my business failed and I went bankrupt in 2011, in the process Natwest placed a seperate charge on my property which also shows up on the registry.
Moving forward to present day, obviously I have been tracking WF and their plight and the only contact I have received from them is a statement every 6 months.
We are now finacially sound, no blemishes on my credit report and my credit rating is showing as excellent.
We want to remortgage to a better deal and release some equity in the house.

How will the restrictions effect our chances?
If possible would we be able to release equity to pay off restrictions (there is enough equity)?
Will it effect my credit rating once I contact them as they are now not showing on my file due to it being over 6 years old?

Sorry if thats a lot of info, hopefully someone can offer advice?
Thanks

silvercar

The normal process is that the charge holders for any secured loans agree a deed of postponement. This then puts your new mortgage at the top of the repayment list in place of your existing mortgage.

If you can release enough equity to repay other loans, then you won't need to worry about deeds of postponement as you will clear other loan (s) at the same time as remortgaging. You will just need the charge holders to agree that their charge be removed.

Bankruptcy adds a new dimension to this process. Did you buy back the beneficial interest? Or did it revert to you? If not, the official receiver may well have a claim on any equity in the property and remortgaging to release equity won't be possible.

danbas77

Thanks, silver car... im not sure regarding the Official Receiver?
The last paragraph is a bit unclear to me could this be referring to the OR?

(29.06.2011) 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.

silvercar

danbas77 wrote: »

Thanks, silver car... im not sure regarding the Official Receiver?
The last paragraph is a bit unclear to me could this be referring to the OR?

(29.06.2011) 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.

Could well be, particularly if the dates match up. Speak to your OR or the trustee in bankruptcy that handled your case. They will know if the beneficial interest reverted to you or not.

The OR has 3 years from the date of bankruptcy to sort out any interest it may have in your residential home. Generally one of 3 things happen:
1. there is no equity and it reverts to you after 3 years
2. they register their charge on the property and wait for their money until you sell
3. they require you to sell up/ have someone buy back the equity/ to release the equity.

One of those things would have happened. If by some fluke nothing did happen, then they have missed the 3 year deadline, so there is no risk in speaking to them now.

kingstreet

You need to appreciate the difference between a restriction and a charge and hope you have a good solicitor. Don't take free legals as part of a remortgage deal. Get your own and pay!

Read this;-

https://forums.moneysavingexpert.com/discussion/1839539

Land_Registry

The restriction you have posted is a form A restriction. Looking at the dates mentioned it was probably entered as a result of your bankruptcy. As the property was jointly owned the bankruptcy effectively severed your joint tenancy and a form A restriction is registered.

If the new mortgage is in your joint names that restriction would impact as it restricts a sole proprietor taking receipt of capital monies.

The Bankruptcy issue is still something to investigate but I suspect it will be any other register entries that impact here. Your financial and legal advice will cover this for you

Section 5 of our PG explains more around personal insolvency and the effect on a jointly owned property and the beneficial interest others have mentioned

jayne7868

Hi reading this thread with Great interest..

I have a Landmark ( ex Nrock Mortgage) - Been doing loads to raise the profile of people stuck on high SVR.

After an artical appeared in the Sun i was contacted by nat west who ran some numbers and have said the CAN offer me a mortgge.

I have my title deed

It says B : Proprietordship Register

1 - Me and hubby

2 - Price paid

3 - RESTRICTION - No transfer or lease of the registered estate by written proprietor of the regestered estate is to be registered without a written consent signed by the proprietor for the time being of the charge Dated ( date i bough the house 2006) in favour of Land mark mortgages Ltd referred to in the charges regester.

4 - RESTRICTION No disposition of the regeistered estate, other than a disposition by the proprioder of any registered charge registered before entry of this restrtiction, 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 the ++++++y on behalf of the ++++ at ( address) being the person with the benifit of a final charging order on the benificial interest of ( hubbys name ) made by the ( court date and ref)

Should LANDMARK have a restirction on my property ?

The 2nd one is OLD - does this have to be paid and how do i find out how much it is?

Will this stop my re-mortgage going through? STill same propert and same people owning it - Just a side step of Stupid SVR?

Really appriciate any info i can get - I have searched the net and not come accross a straightforward re-mortgage as yet.

Many thanks