• TR2 Restrictions

    By Guest on 11th Nov 2015

    Hi there,
    We are looking to purchase a property which appears to be a reposession. We have received a document which states "A clause in the TR2 provides for a restriction to be registered in favour of the seller upon registration of your
    client's title. The purpose of the restriction is not to prevent your client from selling the property but to give
    the seller notice in advance of any sale within four months. The seller is selling the above property as
    mortgagee in possession and therefore has a duty to the borrower to obtain the best price. The Restriction
    will remain in place for four months following the completion date. Thereafter you may remove the restriction
    from the title." Does this mean that we, the new owners, would not be able to sell the property for at least 4 months after we've purchased it unless we notify the seller and apply for the restriction to be removed? If so, why is this?

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