Hi Sophie - the restriction wording itself explains what's required, namely the creditor as named on the register is notified of the disposition (sale-purchase). See
PG 76 section 4 for guidance
If the seller wanted to apply to cancel the restriction prior to the sale completing then they would need to do so using form RX3 along with supporting evidence to confirm that the protected interest is no more.
We can't advise you on when to exchange/complete and would recommend you speak to your conveyancer and reference PG 76