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Help needed to understanf TP1 clause
k-zu
Posts: 6 Forumite
Hi,
I have a question in regards to term of transfer in TP1.One of the points states:
Indemnity covenant
The Transferee covenants by way of indemnity only, on the Transferee's behalf and on behalf of Transferee's successors in title, to observe and perform the charges, incumbrancers, covenants and restrictions contained or referred to in the property and charges registers (register number here) and the covenants contained in the clause (clause number here) of this transfer in so far as they are subsisting and capable of taking effect and shall keep the Transferor indemnified against all proceedings, costs, claims and expenses arising from any failure to do so.
Title mentioned has charges section in it. point 3 and 4 od this section are:3. REGISTERED CHARGE dated ....
4. Proprietor: NATIONAL WESTMINSTER BANK PLC...
Other points (1 and 2) mention long list of covenants set out in 1925.
Clause listed reads:
Restrictive covenants by the transferor:
The Transferor covenants with Transferee for the benefit of the property not to obstruct the use by the Transferee and those authorised by it of the estate roads.
Could someone explain to me in laymans terms ehat all this means?
Many thanks.
Z.
I have a question in regards to term of transfer in TP1.One of the points states:
Indemnity covenant
The Transferee covenants by way of indemnity only, on the Transferee's behalf and on behalf of Transferee's successors in title, to observe and perform the charges, incumbrancers, covenants and restrictions contained or referred to in the property and charges registers (register number here) and the covenants contained in the clause (clause number here) of this transfer in so far as they are subsisting and capable of taking effect and shall keep the Transferor indemnified against all proceedings, costs, claims and expenses arising from any failure to do so.
Title mentioned has charges section in it. point 3 and 4 od this section are:3. REGISTERED CHARGE dated ....
4. Proprietor: NATIONAL WESTMINSTER BANK PLC...
Other points (1 and 2) mention long list of covenants set out in 1925.
Clause listed reads:
Restrictive covenants by the transferor:
The Transferor covenants with Transferee for the benefit of the property not to obstruct the use by the Transferee and those authorised by it of the estate roads.
Could someone explain to me in laymans terms ehat all this means?
Many thanks.
Z.
0
Comments
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if you are the Transferee (buyer/recipient), you will have to abide by all the covenants listed, eg not to obstruct .....etc.
If you are doing your own conveyancing, now is the time to stop.
If you are paying a conveyancer, now is the time to ask him for explanations - that's what you are paying him for.0 -
Well, I'm transferee, paying solicitor, but, he said exactly what you did, I'm still not getting it, that is why I've asked here. What this mortgage charge mean? How does this normally work id there is a mortgage on the property/land? I'm buying firs time, it is new build with loth of covenants/ lawyers wording which is difficult to understand plus English is not my first language.0
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Are - so it's the NatWest mortgage you are concerned about? Sensible!
The current owner has a mortgage. This should be removed (paid off) at the time the Transfer to you takes place, so that it does not apply to you.
But to be sure, ask yur solicitor to confirm that the mortgage will be removed.0 -
Thank you, I will ask for assurance from my solicitor.0
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Keep on talking to your solicitor until you do understand it - this is what you're paying them for.0
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