Restriction land registry

Bigredders

Yes everything completed,transfer of funds gone through

Bigredders

Yes the transaction has gone through and i did try address the situation of funds with him at the time,his exact words were "nothing to do with me,its in your name"

Emmia

Can I check - it is your brother who has the restriction, not a bank, HMRC etc.?

canaldumidi

Bigredders said:

No the 4k wasn't a loan,its just what he put in ...just like the 30k i put in,the agreement was,i do all the work on the property,i get the mortgage in my name and he was going to bank role it.
However this didnt pan out ...so i did all the work,paid all the bills etc.
There was no written agreement  between us,so if it had gone pear shaped it would have all come down to me,so you can understand me being slightly puzzled as to why he would put a restriction on.

It seems clear then from what you say that, despite there being no written agreement, the intention was for him to take a 11.7% stake in the property, so he should get back 11.7% of the equity. Arguably this should be adjusted to account for the income you received over the period it was let, less the costs you incurred. That of course is a matter of negotiation between the two of you.

Bigredders

 So i just cut my losses make a couple of grand,pay the cg taxand pay him 4k for doing nothing?,the rent paid the mortgage i made nothing on that

canaldumidi

Bigredders said:

 So i just cut my losses make a couple of grand,pay the cg taxand pay him 4k for doing nothing?,the rent paid the mortgage i made nothing on that

No as I said, he put in 11.7% (£4K to your £30K) so should take out 11.7% of the equity. So that's the sale price less costs: estate agent/solicitor fees, CGT, etc.

If your rental income = your costs over the ownership period, then that makes the calculation easy as you can ignore it.

TBG01

Again, all irrelevant. The agreement (or lack of) and family fallout is nothing with to do your buyer.

You say, "shame it all falls down to the new owners to sort out,as property now sold", when it's likely your Solicitor undertook to assist with any Land Registry requisitions, which this is. 

So no, it doesn't all fall down to the buyer to sort.

Bigredders

It was the buyers solicitors who failed to carry out the searches,and i want to sort it out for them,tried contacting my brother but he wont return my calls,left a message saying he wants half the money of the house sale,which would leave me out of pocket and him making a profit on his 4k,so you can see i am a little bit disgruntled.
I dont want the new owners to be caught up in this,just want to know whether he can be forced by them to remove the restriction?

mrschaucer

The buyers might well have a case against their solicitor if he let the sale go through without sorting out this restriction?

user1977

Are you sure your contract doesn't oblige you to sort it out?