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property land charges query

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Been looking through the legal pack documents of a property I'm considering purchasing. The Land registry copy of register of title has thrown up some stuff which I think is saying that the last propr… Read More
king132 Avatar
5m, 1w agoPosted 5 months, 1 week ago
Been looking through the legal pack documents of a property I'm considering purchasing. The Land registry copy of register of title has thrown up some stuff which I think is saying that the last proprietor probably didn't pay all of his mortgage and maybe has some outstanding debts?

Is anyone able to tell me if there's anything that i should be concerned about that would put me off buying the property. I've copied a chunk of the document below:

B: Proprietorship Register
Title absolute

4 (24.09.2008) RESTRICTION: No disposition of the registered estate by
the proprietor of the registered estate is to be registered without a
written consent signed by the proprietor for the time being of the
Charge dated 19 September 2008 in favour of Barclays Bank PLC referred
to in the Charges Register.
5 (05.12.2012) 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

1 of 2
B: Proprietorship Register continued
without a certificate signed by the applicant for registration or their
conveyancer that written notice of the disposition was given to
Nationwide Building Society at care of Lending Control Legal Services,
Nationwide House, Pipers Way, Swindon SN38 1FN, being the person with
the benefit of an interim charging order on the beneficial interest of
xx made by the xx court on XX November
2012 (Court reference XXX07635).
6 (22.05.2013) 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
Hillesden Securities Ltd (Co. Regn. No. 1418063) at c/o Direct Legal
and Collections, Buckingham Road, Brackley, Northants, NN13 7DN (a/c
ref: 7), being the person with the benefit of an interim
charging order on the beneficial interest of XX XX made by
the XX County Court on 14 May 2013 (Court reference
XXX485)
king132 Avatar
5m, 1w agoPosted 5 months, 1 week ago
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#1
This is standard. When a property has been charged (owner has a mortgage) then the Lender has restrictions on the title, so property can't be sold without their consent.

So the seller has 2 charges over the property. They may be in negative equity? However, your solicitor will ask this in their enquiries and before you buy, requisitions on title will contain an undertaking from the Seller's solicitor confirming that they will redeem the mortgages and provide the necessary discharge documents. So you will be able to register your purchase at the Land Registry
#2
Thanks. The court reference stuff got me thinking there was something more sinister going on.

Yes, its being sold less than what the proprietors had originally paid.

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