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Alex J.
Alex J., Solicitor
Category: Property Law
Satisfied Customers: 3695
Experience:  Two years conveyancing experience.
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I am looking to get a mortgage on a house but have been told

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I am looking to get a mortgage on a house but have been told by a mortgage advisor that it may not be possible because The property has a restriction registered against the title in relation to proceeds of crime act, the background of the restriction is unknown and we have researched this issue and can confirm that where this is a sale by a mortgagee in possession, they will provide a signed Transfer Deed called TR2 and this will overreach this restriction and it will be removed. Can you tell if this would affect the lenders security and what it all means?
Just want to make sure there would be no problems
Submitted: 3 years ago.
Category: Property Law
Expert:  Nicola-mod replied 3 years ago.

Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola
Customer: replied 3 years ago.
Yes please keep looking
Expert:  Nicola-mod replied 3 years ago.
Hello,

We will continue to look for a Professional to assist you.

Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 3 years ago.
Hello,

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Customer: replied 3 years ago.
Please keep looking
Expert:  Nicola-mod replied 3 years ago.
Hello,

We will continue to look for a Professional to assist you.

Thank you for your patience,
Nicola
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome.

My name is ***** ***** I will assist you.

This will not effect your lender's security, it will be your solicitors job, acting for you and your bank, to ensure that when the monies for the purchase are transferred to the seller you get free and clear title and the mortgage company's charge is registered as the first charge.

If the seller cannot guarantee free and clear title then simply the sale wont happen.

Your solicitor will just get a guarantee or undertaking from the sellers solicitor that the proceeds he sends to the sellers solicitor will be applied to discharge the mortgagee in possessions charge and the restriction.

This should not really have any relevance as to whether you get a mortgage offer or not.

Kind regards

AJ
Alex J., Solicitor
Category: Property Law
Satisfied Customers: 3695
Experience: Two years conveyancing experience.
Alex J. and 3 other Property Law Specialists are ready to help you