I had a restriction of sale placed on the Land Registry title of my house for approx. £1000 in 2013 by Sigma SPV1 Limited while I was out of the country and did not receive notice of a small debt (which snowballed with penalties and interest) after I moved abroad.

I am now about to sell the property and checked the title and found this restriction from 2013.

I searched for the company, Sigma SPV1 limited and see that they were dissolved last year.

How do I go about removing this restriction as quickly as possible?

I'm happy to pay the amount if that's the quickest way, but unsure if I can even do that since the company with the restriction was dissolved?

was the home solely in your name or joint ownership

Sigma red and Sigma SPV 1 Ltd are all the same company.

Sigma SPV1 Ltd is a Jersey "Front" for Sigma Red. (Offshore Company)

Sigma Red & Sigma SPV 1 Ltd was financed by "CYRUS CAPITAL" as from 6th September 2011 with up to 20 Million to spend on Delinquent debt portfolio purchase. It is a 5 year contract.

Tim Freeman (Sigma Red) set up the deal.

If you google "CYRUS CAPITAL" you can read all about it in a credit today review.

The Sigma group consists of Sigma Red/Sigma white/Sigma SPV1Ltd/HL legal & collections and of course HL solicitors.

Its all "Smoke & Mirrors" in order to confuse people.

The bottom line is its all HL legal & collections. (Redditch)

Same faces just different names.

all now part of the Lowell group.

dx

So the restriction is enforceable even though the actual company listed on the title doesn't exist any more?

I'm not talking about whether the debt is enforceable,

that's another topic,

just wondering how another company can enforce a restriction legally imposed by a company that has been dissolved, without them going back to court.

I emailed them so many times a few years ago to try to get them to take payment and never heard back. Very frustrating.

The home is owned jointly.

then its a restriction K which means you don't have to inform anyone till its SOLD

then its too late for them...tough luck ..eh?

dx

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 Sigma

SPV1 Limited (incorporated in Jersey) at care of HL Legal 3rd Floor

Grosvenor House, Prospect Hill, Redditch B97 4DL, being the person with

the benefit of an interim charging order on the beneficial interest of...

Will my solicitor, when appointed, know what restriction k is?

It seems quite clear in that restriction language from the Land Registry.

you instruct them, not the otherway around........

sadly there are so many solicitors that think a restriction K is a bar to sale or mortgage.

sadly again they usually try and spoof you too too make extra money in legal fees.

dx

Thank-you dx100uk, genuinely useful advice and solved straight away. Now to find a good solicitor who actually understands this and is willing to act on my instructions not to repay the debt.

Still trying to sell this house.

The buyer's solicitor has just replied saying that this can't be resolved with

"a simple certificate from the buyers conveyancers will enable registration of the change of ownership to be completed and the restriction removed."

The Land Registry wrote back stating:

"A buyers certificate will not be acceptable in this case.

May I draw your attention to Practice Guide 35, section 7.7 and the various associated links which provide our detailed requirements in this respect."

I have written to the Receiver General in Jersey (Sigma SPV1 was incorporated in Jersey) and the Treasury Solicitor to see who would deal with the Bona Vacantia interests of the dissolved company.

Any better / quicker way to deal with this?

yes tell their solicitor they are WRONG.

Just a lot easier said that done.

I already told their solicitor they were wrong as he originally said the standard Form K "acts like a mortgage".

He actually went away and emailed the local Land Registry office with what I'd told him and now it's the Land Registry saying they can't do it with a simple certificate from the conveyancer.

The law may be one thing but at this point I just need to get this resolved so I can sell the house and it's been complicated by Sigma being dissolved as I now have to find out who I need to pay instead.

I know it can't be posted publicly but I'd welcome any DMs with recommendations for solicitors that deal with Form K as I'm loathed if I can find one anywhere.

read post 3 all part of the Lowell group now.

cant see what its got to do with their sols

you sols simply has to send a memo that its been sold to the restriction k owners [lowells]

and one to the LR.

they cant refuse it.

Yes I know they're still operating in a different guise but I've read that the restriction can't be passed on to another legal entity and that they'd have to re-apply for it under the new company. It looks to me like this is Bona Vacantia now.

no its not

it is passed on [or supposedly owed ] to the debt buying entity

get your flippin sols to do their job properly

I don't have a Sol, that's why I'm asking on here. I can't find one that understands these restrictions, and it's an otherwise simple transfer of equity to a sibling.

I just can't find anything anywhere that says anything other than a dissolved company's assets pass to the Crown. If you have any reading about assets being passed on to another company I'd love to see them so I understand this better.

well it doesn't matter you aren't paying them anything...

But the sale won't go through! They'll advise their client to pull out.

Under what law?

Have you put them to strict proof under what law they are refusing?

There is not one!!!

not sure since aug 2017 what pointless letter tennis you've entered into and with whom to resolve this.

it clearly states its for the SELLER to inform the restriction k holder of the sale

its NOTHING to do with the buyer or their sols at ALL.

they cannot refuse the sale..