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A family member is trying to remortgage a property but has come against a roadblock. She is unable to release any funds as there is a Sole Proprietor Restriction on the title which will need to be removed for her to continue.
Some background, she owned the property with someone else as tenants in common.That person passed away and the title was updated, so she became the sole owner. However it seems the title must not have been updated correctly as the restriction remains.
I have spoken to a solicitor who I am waiting to get back to me but interested to hear if anyone here has gone through something like this before and how complex it is to get removed.
I can't comment on the specific title you're dealing with, but we've had restrictions removed from titles over the last few years without any problems. These were where the property developer who sold leasehold flats put a resale restriction in place, where they had to give permission for a resale. The developer had gone into liquidation so wasn't able to give that permission. There are two forms the Land Registry provide for this, and the applicant will have to provide the relevant supporting evidence. The solicitor we used was swift and efficient with the process. Once the application was submitted, the Land Registry removed the restriction within 4 weeks. So, not the same as the restriction you're dealing with at all, but there should be a process to follow.
All the best
Thanks for the comment Helen. This is completely new to me so thanks for telling me your experience.
You're welcome Adam. Happy to help! Choose your solicitor carefully....good communication is key ;-)
Hi Adam - all sorts of restrictions exist to protect people who have an interest in a property.If the individual who died was entitled to equity and this wasn't paid when they died then there could be an issue as that person's family might still want their equity upon sale or refinance. If the person who died had an agreement where all their equity was passed to your family member on death then their should be no problem removing the restriction.
best of luck.
regards Andrew Peers - property investor / sourcer - 07912674181
Property Redress Scheme Number 011436 NLA member 174404
You really have to see the will of the person who passed away, assuming they had one. The reason for the Form A restriction (proper name) is as you have quite rightly identified is that the property was owned as tenants in common, which means as distinct shares.Therefore on the death of the joint tenant, their share did not automatically pass to the survivor. Their share would have passed in accordance with their Will or if they dies intestate in accordance with the intestacy rules.Therefore before the restriction can be removed, there needs to be an investigation into what happened to the deceased party's share.
Hope this helps
Thanks for your reply. That sounds about right with what I have learned so far.
The trouble is there was no will, so it seems the only way for us to continue (from what I know so far) is for the deceased's wife to sign a declaration saying she is not interested in the property.
If he dies intestate, then it really depends upon the value of his estate to determine where who inherits it as it is not always automatically a person's wife. Letters of administration to his estate may also be required. The beneficiaries of his estate can also enter into a post death deed of variation redirecting assets so for example, if his wife is the sole beneficiary of his estate under the intestacy rules, then she can enter into a post death deed of variation diverting her share of the property to your family member. This can be done up to two years after the date of death of the deceased.