Ignore the Restriction at your Peril

The specific Restriction I am referring to is worded thus:

"Restriction: No disposition of the registered estate is to be registered without a certificate signed by the applicant for registration or his conveyancer that written notice of the disposition was given to ABC Limited being the person with the benefit of an interim charging order on the beneficial interest of Mr Joe Bloggs made by the Newport County Court on 13th January 2010 (Court ref 7XY1234)".

The wording of the Restriction seems to suggest that by serving notice, a seller will satisfy the terms of the Restriction and a purchaser will be registered as the new owner.

However, there is more to it that this. ABC Limited obtained an interim charging order against Mr Bloggs.

Therefore, even though they do not have a legal interest in the land, they do have an equitable or beneficial interes, i.e. an interest in the proceeds of sale and they must be repaid when the property is sold by the owners. This is on the assumption that ABC obtained a final charging order of course.

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