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  • Buy-to-Let

    Restriction on property delaying mortgage

    Hello all,

    I am currently remortgaging my property in manchester city centre to a B2L mortgage.

    The lender's (natwest) conveyance solicitor has said that 'following an investigation of the title to your property, it has come to light that there is a restriction registered in favour of ........

    They then go on to say that until they have received a certificate from the restrictioner they can not proceed with the mortgage and that they have had to charge me £50 for obtaining the certificate. Does anyone have any ideas what could be meant by a 'restriction' and can they charge 50 quid for obtaining a certificate regarding this?

    thanks

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    Hi Jon,

    It sounds like someone has registered a restriction on your property to stop you taking out finance without them being notified and paid a fee (something along the lines of a profit share or a debt that you owe them) to remove the restriction.

    Do you recognise the name of the person?  Either way, it would be sensible to look into this and get the restriction removed.

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    [Image: 4995468760_6be86655d4_t.jpg]
    general operations director, site owner and moderator - propertytribes.com


    Was the property previously shared ownership or owned by the council or housing association?

    Did somebody gift you money to buy the house and was there anything noted by them with regards the property deeds?

    Nick is right - you need to investigate the person or company that placed the restriction

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    Jenny Reeves

    Property Tribes Financial services

    You can contact me via Direct Message, or 07581 794922 or call the team on 01206 654444 for personalised quote and advice

    the name of the restrictioner is the same as the name of the apartment blocks. i wasn't aware of any clauses when originally obtaining the mortgage. the term 'restriction' is pretty vague. it would be good if i could find out what a restriction typically is. i will ask the conveyance solicitor of my new mortgage provider who is looking into it. thanks

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