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Problems with Charges on house and Trustees of the ABC Discretionary Will
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stranger786
Posts: 5 Forumite
Hi all
Please can you help me in following matter. I am first time buyer and worried about the following problem with my house purchase.
The official registry title mentioned following items :
" B. Title absolute :
1. (07.08.2007) PROPRIETOR: Mr XXX of Property ABC Road.
2. (10.12.2008) RESTRICTION: No disposition of the registered estate by the proprietor of the registered estate is to be registered without a written consent signed by XXX,YYY,ZZZ as Trustees of the Simon Discretionary Will.
C: Charges Register
This register contains any charges and other matters that affect the land.
1. A Conveyance dated 1925made between (1) PQR(2) STU Company Limited contains restrictive covenants.
NOTE: Abstract Filed.
2. (10.12.2008) REGISTERED CHARGE dated 20 December 2007.
3. (10.12.2008) Proprietor: XXX,YYY,ZZZ As Trustees of The Simon Discretionary Will."
I can understand there are two issues above:
1. The property owned by Mr XXX in 2007 is changed to a discretionary will trust in 2008.
2. I am not sure what is registered charge in 20 December 2007.
3.If I buy this property the son/daughters of the trustees YYY,ZZZ can claim on the property. Currently property is dealed by the daughter of Mr XXX while Mr XXX is in care home .
The estate agent just told me it is owned by Mr. XXX and also my solicitor is recommended by him as well.Not sure if I trust them all
Please guide me if I will have problems in property later on in term of any claims or legal issues. How the above items should be solved.
I will really appreciate your guidance.
Thanks,
Please can you help me in following matter. I am first time buyer and worried about the following problem with my house purchase.
The official registry title mentioned following items :
" B. Title absolute :
1. (07.08.2007) PROPRIETOR: Mr XXX of Property ABC Road.
2. (10.12.2008) RESTRICTION: No disposition of the registered estate by the proprietor of the registered estate is to be registered without a written consent signed by XXX,YYY,ZZZ as Trustees of the Simon Discretionary Will.
C: Charges Register
This register contains any charges and other matters that affect the land.
1. A Conveyance dated 1925made between (1) PQR(2) STU Company Limited contains restrictive covenants.
NOTE: Abstract Filed.
2. (10.12.2008) REGISTERED CHARGE dated 20 December 2007.
3. (10.12.2008) Proprietor: XXX,YYY,ZZZ As Trustees of The Simon Discretionary Will."
I can understand there are two issues above:
1. The property owned by Mr XXX in 2007 is changed to a discretionary will trust in 2008.
2. I am not sure what is registered charge in 20 December 2007.
3.If I buy this property the son/daughters of the trustees YYY,ZZZ can claim on the property. Currently property is dealed by the daughter of Mr XXX while Mr XXX is in care home .
The estate agent just told me it is owned by Mr. XXX and also my solicitor is recommended by him as well.Not sure if I trust them all
Please guide me if I will have problems in property later on in term of any claims or legal issues. How the above items should be solved.
I will really appreciate your guidance.
Thanks,
0
Comments
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XXX cannot sell the property without the permission of YYY and ZZZ.
XXX must (probably) split the proceeds with YYY and ZZZ to clear the charge on the property according to the will.
This is a fairly straight forward scenario and should be of no real concern to you as the solicitors on both sides will be ensuring it is all sorted. The only problem could be if YYY and ZZZ do not want to sell the property but that should come up in the early stages. Once sold any problems would come back on the conveyancers and XXX.
The EA will not have a clue and only knows what their client tells them.0
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