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Hi there,
I would really appreciate some advice on this matter. I own a house with my ex-partner.
In 2013 a restriction was placed by a bank for an unsecured loan I had taken out but defaulted in 2012 due to bad personal and financial circumstances. The restriction is against my name only and I’ve included the wording below. Circumstances have since got better. The outstanding loan was for 15000 for university fees.
My ex-partner is keen to sell and I’m happy to oblige however my concerns are:
1) what impact does the restriction have on me relating to the sale and/or post sale. Particularly as I would like to buy another property in the future and would need my share of the capital from the sale to do so.
2) as the restriction was placed in 2013...is there any possibility of having the restriction removed and if so is there a period of time I must wait before I can do so? If we don’t sell in the near future I would like to see if I could have the restriction removed. It states it is still an interim order.
I have made no communication with the bank since although letters have been sent.
RESTRICTION wording:
01.2013: 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 (bank details); being the person with the benefit of an interim charging order on the beneficial interest of (my details) made by the county court on 11th jan 2013.
There is no other relevant charge on the property except that of the mortgage itself.
Thank you very much in advance
I would really appreciate some advice on this matter. I own a house with my ex-partner.
In 2013 a restriction was placed by a bank for an unsecured loan I had taken out but defaulted in 2012 due to bad personal and financial circumstances. The restriction is against my name only and I’ve included the wording below. Circumstances have since got better. The outstanding loan was for 15000 for university fees.
My ex-partner is keen to sell and I’m happy to oblige however my concerns are:
1) what impact does the restriction have on me relating to the sale and/or post sale. Particularly as I would like to buy another property in the future and would need my share of the capital from the sale to do so.
2) as the restriction was placed in 2013...is there any possibility of having the restriction removed and if so is there a period of time I must wait before I can do so? If we don’t sell in the near future I would like to see if I could have the restriction removed. It states it is still an interim order.
I have made no communication with the bank since although letters have been sent.
RESTRICTION wording:
01.2013: 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 (bank details); being the person with the benefit of an interim charging order on the beneficial interest of (my details) made by the county court on 11th jan 2013.
There is no other relevant charge on the property except that of the mortgage itself.
Thank you very much in advance
