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
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Transfer / Buying a House / Apartment / Flat
Protection of Third Party Interests
Individual Voluntary Arrangements (IVA):
If the debtor is the sole proprietor of a registered Property which he holds for his own benefit, Property Solicitors and Conveyancing Lawyers may apply for an agreed notice or unilateral notice if the IVA contains an equitable Mortgage, a contract for sale, option or right of pre-emption in favour of the supervisor affecting the registered Property. An application for an agreed notice should be in form AN1 and be accompanied by a certified copy of the IVA. The consent of the registered proprietor, where available, should also be provided. Applications for a unilateral notice should be in form UN1 setting out in a statement in panel 11 or a Solicitor's certificate in panel 12 details of the IVA, including the date of the agreement, the debtor's name and details of the provisions in the IVA relating to the registered Property claimed to give the supervisor an interest in the registered Property or Mortgage.
If the debtor has a beneficial interest under a trust of land of a registered Property and the IVA creates and equitable Mortgage, a contract for sale, option or right of pre-emption in favour of the supervisor or if the effect of the IVA is to create a trust either expressly or the Property is stated to be held for the benefit of the creditors the interest cannot be protected on the Property Deeds by entry of an agreed or unilateral notice affecting that interest. The method of protecting an interest under a trust of land is way of restriction.
Any application for a restriction should be made by Property Solicitors and Conveyancing Lawyers in form RX1 and (other than an application made by or with the consent of all the registered proprietors) should be accompanied by a certified copy of the IVA to show that the registered Property is subject to the trust and that the supervisor has a sufficient interest in the entry of the restriction sought.
If the debtor is a sole registered proprietor who was holding the Property on trust for their own benefit before the IVA and is holding the Property on trust for the creditors under the voluntary arrangement, an application may be made for a restriction in form A or form II.
If the IVA contains a provision that the debtor will not transfer, Mortgage or otherwise deal with the Property without the consent of the supervisor then, in addition to a form A restriction, if applied for, application may also be made for a restriction in form N, form NN and form L. In other circumstances where a restriction is required the consent of the registered proprietor to the entry of a restriction should be provided in form RX1 or a Solicitor's certificate given that such consent is held.
Where the Property is held by joint proprietors (one of whom may be the debtor) on trust for the debtor and others before the IVA, an application may be made for the entry of a restriction in form A, provided a form A restriction has not already been entered in the Property Deeds if the IVA contains a Mortgage or Assignment of the debtor's beneficial interest, or creates a trust in favour of the supervisor.
The supervisor may also instruct Property Solicitors and Conveyancing Lawyers to apply for a restriction in form II if the IVA contains an Assignment of the debtor's beneficial interest because the trust interest will be owned by the supervisor and not by the debtor, of if the debtor holds their beneficial share on a bare trust for the supervisor.
If the interest is hold on trust by the debtor for the creditors or Mortgaged to the supervisor, no form of restriction other than in form A (provided it is not already entered) can be applied for unless all the registered proprietors consent to the restriction. This is because the interest of the supervisor or creditors will be derivative.
Application for any other form of restriction will not be possible without the consent of all the registered proprietors.
Proprietary Estoppel Interests:
A claimed equity by estoppel may be protected by notice from the time when the equity is claimed to have arisen. The application should be made in form UN1 for a unilateral notice unless the facts claimed to give rise to the interest are unequivocal, when application may be made for an agreed notice in form AN1. A form UN1 application should set out in a statement in panel 11 or a Solicitor's certificate in panel 12 the facts claimed to have given rise to the proprietary estoppel, including the name of the proprietor of the registered Property against whom the equity is claimed to have arisen.
(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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Manchester
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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.
Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 1 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 2 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 3 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 4 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 5 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 6 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 7 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 8 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 9 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 10 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 11 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 12 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 13 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 14 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 15 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 16 | Manchester Conveyancing Solicitors Property Lawyers on Fees for Buying / Transfer of Apartment / Flat / House 17 |