Charge on deeds of property, can you explain?

Invs005

Hello, I would like to understand if there is any problem with the charges of this deed or if this wording is just standard, I am worried there are debts on this property. I would be thankful if someone can help, thanks in advance.

REGISTERED CHARGE dated 9 November 2007  NOTE: This charge takes effect under the provisions of section 58(4) of the Leasehold Reform, Housing and Urban Development Act 1993 Proprietor: GRASMERE MORTGAGES LIMITED (Co. Regn. No. 12172075) of 5 Churchill Place, 10th Floor, London E14 5HU. The proprietor of the Charge dated 9 November 2007 referred to above is under an obligation to make further advances. These advances will have priority to the extent afforded by section 49(3) Land Registration Act 2002.

eddddy

It looks like the owner of the property has a mortgage. And it also looks like the owner did a statutory lease extension.


Why are you asking and/or what are your concerns? Do you own the property, or are you thinking of buying it, or something else?

Invs005

Thank you, we are planning to buy it but I was just worried it could be something non-conventional (it is an auction). 

eddddy

If it's a 'traditional' unconditional auction, it might be best to ask a solicitor to read through the legal pack before you bid.

If it's a conditional auction (often called the 'modern method of auction') you should be very cautious - read the t&cs very carefully - a lot of people would suggest you avoid them.

Invs005

Thank you, it is an unconditional auction, I will await for my solicitor to respond.