Restriction order

NottsRich1967

I'm sorry, I previously posted this under credit cards.

Please help. I am in the process of trying to sell my property. There are 2 restriction orders logged with the land registry. One is with Arrow Finance and the other with Lloyds TSB. My solicitor has sent a letter to each to try to determine the amounts but didn't recieve anything back from Arrow and a not known at this address from Lloyds TSB. The solicitor has offered to do some further investigating into this - but I know it will be very expensive. If anyone could offer some advice I would be extremely grateful. Thank you in advance.

RAS

Is this property jointly owned or sole ownership?

NottsRich1967

The property is jointly owned. I have agreed to pay off both charges with the equity. The Arrow charge is in my name and the Lloyds TSB in my ex wife's name. Thank you 

fatbelly

All you need to do is comply with the restriction when you sell the property.

See this thread

https://forums.moneysavingexpert.com/discussion/1839539/charging-order-the-myth#latest

NottsRich1967

Thank you for your reply. I'm trying to find out how much each of the 2 charges are for as I'm finding it very difficult to contact either Arrow or Lloyds TSB. Thanks again 

RAS

You may need a conveyancing solicitor who understand the difference between restrictions and charging orders.

NottsRich1967

Thank you for your reply. It was the conveyancing solicitor who tried without luck to contact both Arrow and Lloyds TSB. They have offered to do further investigating but I know it's going to be expensive. I'm hoping someone may have contact details for either of these as Arrow didn't reply and Llyods TSB weren't known at the Brighton address on the order. Thanks again 

lincroft1710

Lloyds and TSB were demerged in 2013, so either someone at the Brighton address is being pedantic or there is no longer a bank there

fatbelly

The restriction says that you have to send a certificate.

It does not say that you have to repay the debt.

It does not prevent you from selling the property and dealing with the debt later

NottsRich1967

Thank you for this. Would you be kind enough to give me more information about the certificate I need to send. 

RAS

fatbelly gave you a link to a highly relevant thread. Have you read it?

It is very long but you will understand what you need to do and why your creditors may not get a penny from you.

If you have questions not answered in the thread, please ask. You might also want to make sure your solicitor understands it.