Title deed 'charge' blocking equity release

AlanColvic

Hello, We seem to have some very knowledgeable people here, I hope someone can help us.

We are a retired couple and have applied for equity release on our house which has been approved, but subject to the removal of a restriction on our title deed.

This restriction states that if we build on our garden we must give the previous owners £50,000. Is it possible to have this restriction removed? Can anyone suggest a solicitor who specialises in this problem?

TrickyDicky101

You'd need to contact the original owners who are noted on the restriction and ask them to agree to remove it (which may cost you).

davidmcn

AlanColvic said:

This restriction states that if we build on our garden we must give the previous owners £50,000. Is it possible to have this restriction removed? Can anyone suggest a solicitor who specialises in this problem?

You don't really need a specialist solicitor, but you would need the agreement of the previous owners. Was the agreement time-limited at all?

The alternative is you find a lender who doesn't insist on this being removed.

MWT

How long ago was this restriction added?

If the beneficiaries are the people you purchased from, when was that?

Thrugelmir

You need to approach those that hold the clause and see if they are willing to be bought out. Ultimately without their agreement the clause will remain in place.