Link Financial - Restiction Order stopping sale of property

[mickyg32]

Hello

 

Hope this is in the right place.

 

Attached is the letter i have received as i have had a maor stumbling blovk with selling the house as they wont complete whilst this is still on?

 

Is it too late for them to enforce the charging restriction being from 2006 or am i liable to pay this form the profits from the sale if i agree?

 

Thanks in advance

 

Michael

[goodatresearch]

Your solicitor can give an undertaking to the buyers that the restriction will be paid from the proceeds of the sale and the restriction will then be removed. A similar undertaking can be given to NR ie they will be paid from the proceeds on the understanding they remove the restriction.

 

Be careful though, check the restriction for the actual amount owed to ensure NR haven't added sums on.

[Windywoo]

Pity your buyers want the restricition dealt with before purchase! Link could have been informed that the property had been sold after completion, and sadly they got nothing!

[mickyg32]

Thanks for that, i just wasn't sure regarding the original date of 2006, whether they could enforce this still, but looks like they can.

 

again, thanks for your advice

[mickyg32]

Looking at the letter I am assuming you were the person asking for the redemption figure?

 

Big mistake, a restriction should not prevent the sale of your house, your solicitor could write to Link and inform them the property had been sold, once completed!

 

Hi

 

No this was from Solex Legal Services, who were dealing with all stuff for me.

 

I just didnt have a clue what they could and could not do

[Windywoo]

Sorry, didn't read the letter properly, edited the post!

[mickyg32]

Pity your buyers want the restricition dealt with before purchase! Link could have been informed that the property had been sold after completion, and sadly they got nothing!

 

to be honest, i dont think they want it removing as i just think Solex were informed there was a restriction on the property and basically just put the brakes on things moving until they heard from Link

[goodatresearch]

Can't understand why the buyers solicitor is asking for it dealt with before purchase. They usually ask for an undertaking that on completion the restrictions removed.

[Windywoo]

It looks like the OP solicitor asking for the redemption figure, some solicitors are not savvy in these matters!

[SUNDERLAND1]

Hi mickyg, in your original post you say

"they wont complete whilst this is still on" you make it sound like you mean the buyer and or their solicitor.

 

Can you give a bit more info on how far on you are with the selling of the property ???

 

Do you have a solicitor and does the buyer yet,

and if so have either solicitors mentioned anything about the restriction

which will show on your propertys land registry documents ???

 

Also you 100% sure you have a restriction ???

 

This should be from a CCJ in one name only and your property should be jointly owned by someone else

who has nothing to do with the CCJ ???

[mickyg32]

Hi mickyg, in your original post you say "they wont complete whilst this is still on" you make it sound like you mean the buyer and or their solicitor. Can you give a bit more info on how far on you are with the selling of the property ??? Do you have a solicitor and does the buyer yet, and if so have either solicitors mentioned anything about the restriction which will show on your propertys land registry documents ??? Also you 100% sure you have a restriction ??? This should be from a CCJ in one name only and your property should be jointly owned by someone else who has nothing to do with the CCJ ???

 

Hi

 

Thanks for the reply.

 

I think the restriction came about once the wife made an enquirer to re-mortgage, so no solicitors have made any direct enquiry about it.

 

Regarding the restriction i know i had a CCJ from around that time and it was my name only on that.

 

Regards,

 

Michael

[SUNDERLAND1]

OK so presuming this is just a restriction.

 

(1) Are you actually selling your house ???

 

(2) If yes have you agreed a sale with a buyer

and have they employed a solicitor to act on their behalf for the sale ???

 

(3) Again if yes have you got a solicitor ???

 

Is it solex legal services ???

[mickyg32]

OK so presuming this is just a restriction.(1) Are you actually selling your house ??? (2) If yes have you agreed a sale with a buyer and have they employed a solicitor to act on their behalf for the sale ??? (3) Again if yes have you got a solicitor ??? Is it solex legal services ???

 

Yes, looking to sell the house

Agreed selling price with the buyer, and they have a solictor, but they havent once mentioned the the restriction as it has only came out once the re-mortgage query was raised before the selling issue came about

[SUNDERLAND1]

And the scan of the letter ??? Are solex your solicitor, acting for you re sale of the house ???

[mickyg32]

And the scan of the letter ??? Are solex your solicitor, acting for you re sale of the house ???

 

Sorry, no Solex were Halifax who were going to provide the re-mortgage

[SUNDERLAND1]

But the letter was only dated less than 2 weeks ago ??? How come you were looking to remortgage and now you are selling and have a sale agreed within such a short space of time ???

[mickyg32]

But the letter was only dated less than 2 weeks ago ??? How come you were looking to remortgage and now you are selling and have a sale agreed within such a short space of time ???

 

Yeah, this letter was issued as i was chasing Solex as all they could tell me was there a restriction on the property and that was it. After weeks of chasing they said it was Northern Rock, NRAM, Marlin and finally Link who had it.

 

They only send this letter over this week.

 

The change of heart was due to the fact a buyer had came in and viewed and wanted to buy pretty much straight away and i was giving up hope of selling, so just went down the re-mortgage route to do the house up and stop there.

[dx100uk]

as a side note

 

don't pay link a penny

 

they would have bought this debt for pennies

 

go direct to NR if it does need dealing with.

 

dx

[SUNDERLAND1]

You must have some equity in the property then if you were recently thinking about remortgaging ??? If yes i presume there would be enough left over to pay this debt of less than 7k ???

[mickyg32]

as a side note

 

don't pay link a penny

 

they would have bought this debt for pennies

 

go direct to NR if it does need dealing with.

 

dx

 

Thanks for the reply and advice.

 

Would this not hold up the sale though?

[mickyg32]

You must have some equity in the property then if you were recently thinking about remortgaging ??? If yes i presume there would be enough left over to pay this debt of less than 7k ???

 

Yeah, i just didnt want to pay it if i didnt have to, as ive been caught out a fe times in the past before i discovered helpful sites like this.

[dx100uk]

I go with what has already been indicated by others

 

the restriction should not prevent the remortgage or sale.

 

tough luck its done now link

 

no money to be had.

 

shame solex? is it

even told them it was going on!!

 

someone doesn't know what they are doing....

 

If as you indicate it changed hands many times

that to me SMELLS that there is something wrong with the whole debacle surrounding the restriction

and how it was obtained.

 

it originated from northern rock, ? did they put it on

or was it a fleecing DCA, that wouldn't surprise me.

 

shame it's so old, else you could start scratching at the surface via a few SAR's

 

I bet whatever it was, was inflated vastly by PENALTY charges & PPI etc etc.

 

to ramp up the value to squeeze every penny out of you.

 

dx

[mickyg32]

I go with what has already been indicated by others

 

the restriction should not prevent the remortgage or sale.

 

tough luck its done now link

 

no money to be had.

 

shame solex? is it

even told them it was going on!!

 

someone doesn't know what they are doing....

 

If as you indicate it changed hands many times

that to me SMELLS that there is something wrong with the whole debacle surrounding the restriction

and how it was obtained.

 

it originated from northern rock, ? did they put it on

or was it a fleecing DCA, that wouldn't surprise me.

 

shame it's so old, else you could start scratching at the surface via a few SAR's

 

I bet whatever it was, was inflated vastly by PENALTY charges & PPI etc etc.

 

to ramp up the value to squeeze every penny out of you.

 

dx

 

A very informative post, thanks again.

 

I can send details to Link asking for information on this and ask them to remove the restriction?

[dx100uk]

no not exactly

 

pers i'd be seeing what an SAR to NR throws up first

 

dx

[SUNDERLAND1]

I was in a very similar situation to yours earlier this year and

 

sold my property no problem.

 

Once the sale went through the new owners solicitor informed land registry of the sale

and land registry removed the restriction because it applies to someone who no longer owns the propety.

 

My restriction has now as such reverted back to a CCJ and

 

i am getting letters from the debt owners solicitor asking when i am going to start paying the CCJ off.

 

This will obviously happen to you also but im not sure if the CCJ becomes almost Stat Barred if it is more than 6 years old as it sounds yours might be ???

 

Others may be able to advise better.