Restrictions on the property title

costarix

Hello All,

Hope you are well. I am reaching out for some guidance as the property i am trying to purchase has the following restrictions and was wondering if someone could guide me to understand if this is a high risk purchase to get into. I have just appointed my solicitor and explained the situation to them - but would benefit from some independent advise on people who would have gone through similar process. I would be very grateful for your response.

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RESTRICTION: No disposition of the registered estate is to be registered without a certificate signed by the applicant for registration or his conveyancer that written notice of the disposition was given to Tesco Personal Finance Ltd at Kendal Court, Ironmasters Way, Telford TF3 4DT (Ref: XXX being the person with the benefit of an Interim charging order on the beneficial interest of XXX made by the Telford County Court on 12 June 2008 (Court Reference Number:XXX)


RESTRICTION: No disposition of the registered estate, other than a disposition by the proprietor of any registered charge registered before the entry of this restriction, is to be registered without a certificate signed by the applicant for registration or their conveyancer that written notice of the disposition was given to Lloyds TSB Bank Plc (Co. Regn. No. XXX) at Department CDR Litigation, 3 City Park, Droveway, Hove BN3 7AU and of DX 36675 Brighton 2, being the person with the benefit of an interim charging order on the beneficial interest of XXX made by the Norwich County Court on 19 July 2010 (Court reference XXX).

RESTRICTION: No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court.

RESTRICTION: No disposition of the registered estate, other than a disposition by the proprietor of any registered charge registered before the entry of this restriction, is to be registered without a certificate signed by the applicant for registration or their conveyancer that written notice of the disposition was given to ABC Limited (Co. Regn. No. XXX at Unit 8, Park lane Business Centre, Langham CO23 5XP, being the person with the benefit of a Final charging order on the beneficial interest of XXX made by the High Court of Justice, Business and Property Courts of England and Wales Business List on 25 July 2024 (Court reference BL-XXX).

Green_hopeful

So  1,2 and 4 are charging orders. That’s where someone has secured a debt against the property. It’s essentially like a mortgage that obviously has to be paid before the property can be transferred. It’s usually done as part of the conveyancing process. 

The third one is that the property is owned by more than one person so it can’t be sold by only one of them. It’s a bit more complicated than that but that’s what is relevant to a buyer. 

Nothing exciting but suggests the owners have had some money issues. 

Yorkie1

Given the number of charging orders on the title, hopefully your conveyancer will be making enquiries with the seller's conveyancer that the sale proceeds will be sufficient to discharge all debts secured against the property.

costarix

Thank you Green Hopeful and Yorkie. From your feedback I deduce that this is not a high risk situation and usually conveyancers grapple with these periodically. Hence I should proceed with the conveyancing with my fingers crossed?

user1977

Yes. “The secured lending will need to be settled at completion” is a given, really, no need to worry or make a specific enquiry about it.