Charger order/ restriction

[Tiptophelp]

Hi,
new to ere,

Please can some1 help.

I have 2 restrictions on my property.
Joint mtg.
sole debt in my name.
I have accepted a offer of sale on my property, however these 2 restrictions are on from 2008.
I have read a lot about from 2003 law changed an my solicitor only has to give notice to the creditors of my sale and they can't force to have full funds. My ex partner put the deposit in and won't give me any which is understanding, well he has offered me £4k which I offered to one restriction to take off but they said no. So does my solicitor just have to give them notice.? Any1 reccomend a solicitor who is keyed up on this to go through?

Thanks in advance

[FlamingParrot]

Re: Charger order/ restriction

Welcome to LB

Have sent you a PM :typing:

[Exclus]

Re: Charger order/ restriction

I'm in a similar position - selling with a restriction. Did you find any solicitor that was clued up on restrictions, and was willing to help? It seems that it is accepted that all the solicitor has to do just prior to completion is let the creditor know about the sale, but finding a solictor who is willing to do this in practice is easier said than done.

[Tiptophelp]

Re: Charger order/ restriction

hi,

i spoke to a 3 different solicitors and they all said the same. The house won't sell without them been removed. One solicitor advised regarding the " just giving the creditor notice" this basically means the restriction will still be on the property and no other solicitor will allow their buyer to purchase with it on. Basically as it was a quick sale and id accepted the offer I contacted the restrictions and advised they need to remove or the house sale will fall through and it will get repossed an they will end up with very little. They understood this and I believe they are settling on the offer I made and clearing., it's with my solicitors now. Hope you find away around it if you've got more time to pursue it as I didn't have.

[Exclus]

Re: Charger order/ restriction

The wording of the restriction is vital, but in most cases the restriction does not stay on the house - it is a debt against a person. That said it's just hard to find any solicitor that fully understands just what a restriction, rather than a charge, actually involves. I hope your settlement offer goes through.

[macca1858]

Re: Charger order/ restriction

I have sold my property with eight restrictions and didn't pay a creditor a penny - this is a slog I have many tips , copy letters and a ruling from land registry which only apply to my case but can be used as a guide . DO NOT let your solicitor negotiate for you -

Took me 17 weeks and a lot of very frank conversations with my solicitor including I'm the client you do it this way . From what I know now could do it in six weeks and you be able to sell clear of all the funds and put you in a position of power against the likes of Marlin ect . I am now negotiation with my creditors I have started off at 5p in the pound and told them they have 14 days to accept or I reduce it to 4p