Re-mortgage problem - Network Rail Covenant

NetworkRiled

Hi MSE forum, please help - I’m struggling with my mortgage renewal due to a restriction on the deed - a network rail covenant that requires their permission for remortgage (I live next to the railway). The new mortgage company (Santander) are declining to enter into the deed of covenant that has been prepared by network rail, without which network rail won't give their permission for the mortgage. Does anyone have any experience with this / suggestions please? thank you.

user1977

I've seen plenty of titles with railway-related covenants, but nothing which requires their involvement in mortgages. Do you have more info on what it's about?

NetworkRiled

Thanks - I think it is this line:

(14.01.2022) RESTRICTION: No disposition of the registered estate 

(other than the grant of a lease commencing on the term commencement 

date provided for in the lease and expiring 30 years or less after such 

term commencement date) by the proprietor of the registered estate or 

by the proprietor of any registered charge, not being a charge 

registered before the entry of this restriction, is to be completed by 

registration without a certificate signed by Network Rail 

Infrastructure Limited (Co. Regn. No. 02904587) of 1 Eversholt Street 

London NW1 2DN and of landinformation@networkrail.co.uk or its 

conveyancer that the provisions of clause 2.1.2 of Deed of Covenant 

dated X (Date) and made between X [my name] and 

and (2) Network Rail Infrastructure Limited have been 

complied with or that they do not apply to the disposition. 

doodling

Hi,

And what does clause 2.1.2 of the Deed of Covenant say?

It isn't common to enforce covenants through restrictions.  What advice did you receive when you purchased the property?  I would have expected your conveyancer to have pointed this out to you and note that it might affect future mortgages.