charge on property

suzisuzz13

Not a loan it was what we owed the brewery when we left the business as there was no other way

Thrugelmir

Rather than remortgage. Obtain the best deal you can from your existing lender.

silvercar

suzisuzz13 wrote: »

Write to them and had no respouse, this is the restriction on my deed , the cHare is only in my name and no we dI'd not get permission from the brewery when the house went into joint names ... all very confusing....
(02.02.2011) RESTRICTION: 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 The brewery, being the person with the benefit of an interim charging order on the beneficial interest of only me. made by the r County Court on anuary 2011 (Court reference ). (14.06.2011) RESTRICTION: No disposition of the registered estate,

[STRIKE]It is 'interesting' that you were able to transfer the property to joint names, yet leave a charge in your name alone. Effectively half the equity is now out of the clutches of the charge holder.

I'm curious how the Land Registry would allow this to happen without the charge holder's consent.

It seems the Lender's legal team are more aware of the issue. Is this a new lender? Or the existing lender, the existing lender has first call on the equity, so shouldn't have an issue.[/STRIKE]

Wrong info crossed out.

The charge sits there until such time as it is paid off. Any new lender would be aware of it and it may influence their decision to lend.

Land_Registry

suzisuzz13 wrote: »

Write to them and had no respouse, this is the restriction on my deed , the cHare is only in my name and no we dI'd not get permission from the brewery when the house went into joint names ... all very confusing....
(02.02.2011) RESTRICTION: 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 The brewery, being the person with the benefit of an interim charging order on the beneficial interest of only me. made by the r County Court on anuary 2011 (Court reference ). (14.06.2011) RESTRICTION: No disposition of the registered estate,

It's important to distinguish between charges/legal charges and other interests when dealing with what is on the land register.

What you have here is a (form K) restriction registered to protect a charging order made against you alone. It's not a legal charge, in the way that a mortgage would be, as OP already appreciates, and you can't 'postpone' a restriction in the way being suggested.

Such a restriction is normally registered where there are joint owners and the debt is against just one and the creditor protects that interest on the register. See our Practice Guide on Charging Orders

The wording of the restriciton is important as it requires you to notify the creditor, the Brewery, should you remortgage/sell for example. It doesn't require their permission/consent as many restricitons often do. It requires you to notify them and then certify that you have done so to us as part of any application. The solicitor would normally take care of that for you.

Issues usually arise where owners want to sell - see the MSE thread Charging Order - the myth for more details and experiences around that issue

A remortgage is a different issue for you as you are not selling but trying to secure additional funding. The lender will see the charging order as an issue but in a different light. Whilst you could simply notify the creditor of the new charge and have it registered the lender clearly does not wish to do so.

As such it seems that as others have posted it is very much a case of either satisfying their requirements or considering an alternative lender

suzisuzz13

:TThank you all so much, not so confused now.
However, could I get the restriction removed myself, and if so which form would I need to send.
really appreciate everyone's help x:smileyhea:iloveyou::iloveyou:

-taff

The breery would have to remove the permission and that doesn't look likely

Land_Registry

Form RX3 for you to cancel. Form RX4 for creditor to withdraw it.
https://www.gov.uk/government/publications/cancel-a-restriction-registration-rx3
If you apply to cancel then you will need to submit evidence to show that their CO/charge no longer exists

silvercar

suzisuzz13 wrote: »

:TThank you all so much, not so confused now.
However, could I get the restriction removed myself, and if so which form would I need to send.
really appreciate everyone's help x:smileyhea:iloveyou::iloveyou:

Do you want to pay it off at this time?