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Remortgage and restriction on title
blueye
Posts: 320 Forumite
Hi all, I’m in the process of remortgaging and have had a letter from my solicitor saying there is a restriction in favour of a shade greener.
I entered into an agreement with them in 2013, I was unaware at the time that this would mean a restriction would be placed on the title to my property.
I understand some people think the whole rent a boiler thing is ridiculous but I like the piece of mind that comes with knowing if the boiler breaks down I don’t have to worry about it because it’s not mine.
Anyway I spoke to ASG’s legal team and they said as we weren’t selling it was nothing to worry about and they’d send a consent form by email tomorrow. I then called the solicitor and informed them of what ASG had said and the solicitor stated the the client (lender) would need the restriction removed before releasing the money.
To end the agreement would cost £2245 roughly 4 years payments and I’d end up owning a 5yrs old boiler with no replacement/servicing or breakdown cover.
Financially this doesn’t make sense to us.
Are restrictions really necessary for this do you think if I lent on ASG hard enough they would remove it?
And for anyone who has had a similar experience, how long does the whole removal process take?
I entered into an agreement with them in 2013, I was unaware at the time that this would mean a restriction would be placed on the title to my property.
I understand some people think the whole rent a boiler thing is ridiculous but I like the piece of mind that comes with knowing if the boiler breaks down I don’t have to worry about it because it’s not mine.
Anyway I spoke to ASG’s legal team and they said as we weren’t selling it was nothing to worry about and they’d send a consent form by email tomorrow. I then called the solicitor and informed them of what ASG had said and the solicitor stated the the client (lender) would need the restriction removed before releasing the money.
To end the agreement would cost £2245 roughly 4 years payments and I’d end up owning a 5yrs old boiler with no replacement/servicing or breakdown cover.
Financially this doesn’t make sense to us.
Are restrictions really necessary for this do you think if I lent on ASG hard enough they would remove it?
And for anyone who has had a similar experience, how long does the whole removal process take?
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