I will try to assist you with this. What does clause 11.4 in the transfer dated 21 May 2004 say?
Thank you. This is actually more problematical than it looks.
Whilst if Miss S breached the covenant, there is probably going to be no-one to enforce it apart from the liquidator (who will not be interested) or anyone who bought the assets of the company including the benefit of this covenant (unlikely), and in any event she could obtain indemnity insurance to cover that unlikelihood, there is also no want to sign the transfer to satisfy the land registry.
Would not be sufficient to simply prove that the company had gone into liquidation. When registering your interest/title in the property the land registry would not do it either without an order of the court or from someone purporting to act on behalf of the company and that person would be the liquidator.
Hence, you are going to need to find out who the liquidator is and contact the liquidator. You may can get that information from companies house records. The liquidator may or may not be interested but the liquidator is certainly going to want some money for dealing with this because what they do when they liquidator company is try to get in as much money as they possibly can.
There is no value calculation for this. It is as much as you are willing to pay and as much as they will settle for signature on the deed to release the covenant. There is obviously a legal cost in drafting the deed of release and that on its own would probably be a few hundred pounds. Am the liquidator is going to do is look at the value of this property with the covenant and the value of the property without the covenant and make their mind up as to what this would be worth potentially to a buyer.
If miss S, having bought the property for a peppercorn is going to sell it for not much more and you are thinking of picking up this land for a song and being able to develop it by removing the covenants, that is most unlikely to happen. It can happen but I think it’s unlikely.
If the liquidator is for some reason not contactable, you would need to make an application to court to have the covenant removed and to provide evidence of the attempts you had made to contact them.
Can I clarify anything else for you?
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