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URGENT - Restriction

Monika Janik
Posted Fri, 01 Mar 2024 15:10:54 GMT by Monika Janik
Hi there - we are acting on behalf of a Bank which is due to take a legal charge over the mentioned title numbers. We would like clarification that the Restriction registered on each title in relation to disposition of the registered estate will not apply to legal charge as we understand the restriction relates to compliance with requirement to enter into a Deed of Covenant which would clearly not be applicable in this instance as there is no change of ownership but there will be a new legal charge over the Property.

Grateful for urgent assistance as we are due to complete today.

Thank you
Monika
Monika Janik
Posted Fri, 01 Mar 2024 15:11:47 GMT by Monika Janik
Apologies - title numbers are BGL117055 and BGL62190
Official Copy (Register) - BGL62190.pdf (83.6 KB) Official Copy (Register) - BGL117055.pdf (82.3 KB) Official Copy (Transfer) 07.07.20215 - BGL62190.pdf (733.3 KB) Official Copy (Transfer) 24.10.2006 - BGL62190.pdf (1.1 MB)
Adam Hookway
Posted Fri, 01 Mar 2024 16:08:29 GMT by Adam Hookway
Monika - the key to whether compliance is required re a restriction is the wording of that restriction and whether it 'bites' or catches the transaction 
As the restrictions state 'No disposition....' they do bite and do catch any disposition by the registered owner. As a legal charge by the borrower is a disposition the restrictions will need to be complied with

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