Manchester Conveyancing Lawyers | Ford Banks Irwin Solicitors - The Property Solicitors in Manchester on Fees for Buying / Selling a House / Flat / Apartment.
Please note: Not to be used or relied upon without legal advice. These notes are for illustration purposes ONLY
. . . continued from page 2
Transfer / Buying a House / Apartment / Flat
Protection of Third Party Interests
Option Agreements and Rights of Pre-emption:
If the agreement expressly limits the register proprietor's powers to make a disposition Property Solicitors and Conveyancing Lawyers may also be able to apply in form RX1 for the entry of a restriction to prevent a breach of this provision. The application would normally be for a restriction in form L referring to the relevant provision of the agreement. In the absence of the registered proprietor's consent to the entry of the restriction, Property Solicitors and Conveyancing Lawyers should lodge a certified copy of the Deed creating the option or right of pre-emption, and complete the statement in panel 12 or Solicitor's certificate in panel 13. Give details of the agreement, including the date of the contract and the parties, and identify the provision in the contract limiting the registered proprietor's ability to make any disposition.
Equitable Charges / Mortgages
An equitable Charge / Mortgage against the legal estate may be protected by agreed notice or unilateral notice. Property Solicitors and Conveyancing Lawyers applying for an agreed notice should lodge form AN1 and the equitable Mortgage or a certified copy of it. If applying for a unilateral notice Property Solicitors and Conveyancing Lawyers should lodge form UN1 setting out in a statement on panel 11 or a Solicitor's certificate in panel 12 details of the Mortgage, including the date of the Mortgage and the parties.
An equitable Mortgage over a beneficial interest cannot be protected by notice. A person having the benefit of such an equitable Mortgage should apply for a restriction in form A, provided a restriction in form A has not already been entered in the Deeds. The application should be made in form RX1 and be accompanied by a certified copy of the equitable Mortgage over the beneficial interest. A form A restriction ensures that any capital money should be paid to two trustees.
If a restriction in form A is already entered in the Property Deeds, then no further restriction is required and no further restriction may be entered.
Special provision is made in respect of Charging Orders on a beneficial interest.
Protection of Mortgages in the Deeds when a restriction prevents registration:
A prior restriction may require the consent of a specified person, for example a registered Mortgagee, before any disposition by a registered proprietor may be registered. If the necessary consent cannot be obtained and the restriction complied with, a person who has taken a further Mortgage will be unable to register that Mortgage substantively. The Mortgage may, however, be protected by agreed or unilateral notice. If Property Solicitors and Conveyancing Lawyers are applying for an agreed notice they should lodge form AN1 and the Mortgage or a certified copy of it. If applying for a unilateral notice they should lodge form UN1 setting out in a statement in panel 11 or a Solicitor's certificate in panel 12 details of the Mortgage, including the date of the Mortgage and the parties.
Property Solicitors and Conveyancing Lawyers should note that many Mortgages contain an application for a restriction that follows the lines of the standard form P restriction and call for the consent of the proprietor of the Mortgage. This type of restriction cannot be entered when the Mortgage is not substantively registered. This is because there will be no proprietor of a registered Mortgage. So, if a Mortgage is not substantively registered and an application is made to note the Mortgage instead, a separate application should be made in form RX1 for an appropriate form of restriction; this will generally be for a restriction in standard form N. The consent of the borrowers to the form of restriction applied for should accompany the application.
Freezing Orders
Any person who has applied for a Freezing Order may instruct Property Solicitors and Conveyancing Lawyers to apply in form RX1 for the entry of a restriction in form CC or DD, depending on whether the restriction is to prevent dispositions of the registered Property or a registered Mortgage. The application should be accompanied by a certified copy of the application to the Court for the Freezing Order.
Once granted, the Freezing Order may be protected by restriction. Applying in form RX1 for a restriction in form AA or BB, depending on whether the restriction is to prevent dispositions of the registered Property or a registered Mortgage. The application should be accompanied by a certified copy of the Freezing Order.
(All italics in this page are Crown Copyright and reproduced here for your information with permission from HM Land Registry)
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Please telephone Paul on 0161 866 8999 if you require any further information.
Ford Banks Irwin Solicitors
50 Stothard Road
Stretford
Manchester
M32 9HB
Tel: 0161 866 8999
Fax: 0161 866 8333
E-mail: info@FordBanksIrwinSolicitors.co.uk
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Banks Irwin Solicitors
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Manchester
M2 4PD
Tel: 0161 866 8574
Please telephone 0161 866 8999 for a free quote.
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