By Guest on 26th Jun 2018

    Hi, I need some clarity please.

    In the event a property is sold with a bank mortgage and other legal charges, do the chargees have to agree in writing even in the event there is nothing left to pay.

    For example:

    House is sold for £150,000 with £100,000 mortgage with lender (number 1)

    Therefore £50,000 surplus.

    Registered charge for in excess of £50,000.00 and is paid to chargee (number 2)

    Therefore the surplus is now gone

    With another registered charge with a Restriction: No disposition of the registered estate by the proprietor of the registered estate is to be registered without the written consent signed by the proprietor for the time being of the Charge dated XXXX in favour of XXXX referred to in the Charges Register. (Number 3)

    So can number 3 block the sale with no proceeds left over from the sale?

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