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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10624
Experience:  Barrister 17 years experience
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I have an agreement with a landowner that my company will receive

Resolved Question:

I have an agreement with a landowner that my company will receive a profit share, made by the sale of the property. I'd like to enter a unilateral notice to secure this interest please advise.
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
I don't want to state the amount as this is contingent on the price achieved. I am using Land Reg form UN1. In Box 11 I imagine the entry will look something like this:In respect of an Agreement dated 04 September 2013 made between (1) Mr Toby Robertson and (2) Mr Joseph Rajah relating to the leasehold interest.BENEFICIARY: Toby Robertson, Finsbury Park Limited, 5 Woodview Close, London, N4 1 DG
Expert:  Buachaill replied 1 year ago.
1. Your company may protect its interest by either the registration of a notice or a restriction. Notices are for use in cases where an interest will not be overreached on a disposition; the registration of a notice will not inhibit any dealing with the property, but will ensure that the right that it protects will bind any person who acquires the land. By contrast, the registration of a restriction will prevent the registration of any dealings with a property, or will secure the right to be notified on any application to register a dealing. The restriction will not override the interest of any purchaser who applies to be, and is, registered with title to the property; it operates to prevent the priority of a third-party interest from being postponed. In some cases, it may be possible to register both a notice and a restriction.
Expert:  Buachaill replied 1 year ago.
2. The form UN1 is the correct form to use. However, be aware that if you need to be clear on what you want to achieve. Do you wish to prevent a sale without your approval? has the agreement you cite in your question given you power to prevent a sale? You will need this if you wish to register a restriction.
Expert:  Buachaill replied 1 year ago.
3. My own view is that you should simply register a notice. This will not prevent a sale, but will ensure that any purchaser has notice of your interest so it will bind them so they will ensure you get your 20% of any purchase price.
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