Myth-busting – Electrical Safety installations Act 202011:19 AM, 3rd August 2020
About 2 weeks ago 83
I have a restriction on a property as security against a loan lent to a property Director of a Company. The property was owned within the company by two Directors. The Director who took my loan has since left the company and the sole remaining director is stating no knowledge of the loan and states they are not liable for repayment.
Unknown to me they then sold the property I had a restriction on. I received a letter from the buyers solicitor asking me to remove the restriction and that they themselves were not aware of my restriction which had come to light between their standard search and completion.
They are now unable to register the Title for their client the new owner. Who is at fault here?
The present sole Director of the company by not informing new information prior to exchange and completion when they were made aware of the ‘other Directors activities’? or the Vendors Solicitor (if they knew maybe)? or the buyers Solicitor for not carrying out a ‘last same day search’ with land registry on exchange and completion and missed my restriction and passed funds to the Vendors Solicitor.
The new owners Solicitor has forcefully written to me stating I must sign an RX4. I have evidence proving the vendor was made aware of the loan/debt/RX1 about 2 weeks prior to completion.
There is quite a lot of money at stake here so any conveyancers or anyone who have experienced that can assist would be very helpful.
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