Rangers123
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Everything posted by Rangers123
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But the sale won't go through! They'll advise their client to pull out.
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I don't have a Sol, that's why I'm asking on here. I can't find one that understands these restrictions, and it's an otherwise simple transfer of equity to a sibling. I just can't find anything anywhere that says anything other than a dissolved company's assets pass to the Crown. If you have any reading about assets being passed on to another company I'd love to see them so I understand this better.
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Yes I know they're still operating in a different guise but I've read that the restriction can't be passed on to another legal entity and that they'd have to re-apply for it under the new company. It looks to me like this is Bona Vacantia now.
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Just a lot easier said that done. I already told their solicitor they were wrong as he originally said the standard Form K "acts like a mortgage". He actually went away and emailed the local Land Registry office with what I'd told him and now it's the Land Registry saying they can't do it with a simple certificate from the conveyancer. The law may be one thing but at this point I just need to get this resolved so I can sell the house and it's been complicated by Sigma being dissolved as I now have to find out who I need to pay instead. I know it can't be posted publicly but I'd welcome any DMs with recommendations for solicitors that deal with Form K as I'm loathed if I can find one anywhere.
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Still trying to sell this house. The buyer's solicitor has just replied saying that this can't be resolved with "a simple certificate from the buyers conveyancers will enable registration of the change of ownership to be completed and the restriction removed." The Land Registry wrote back stating: "A buyers certificate will not be acceptable in this case. May I draw your attention to Practice Guide 35, section 7.7 and the various associated links which provide our detailed requirements in this respect." I have written to the Receiver General in Jersey (Sigma SPV1 was incorporated in Jersey) and the Treasury Solicitor to see who would deal with the Bona Vacantia interests of the dissolved company. Any better / quicker way to deal with this?
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Thank-you dx100uk, genuinely useful advice and solved straight away. Now to find a good solicitor who actually understands this and is willing to act on my instructions not to repay the debt.
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RESTRICTION: No disposition of the registered estate, other than a disposition by the proprietor of any registered charge registered before the entry of this restriction, is to be registered without a certificate signed by the applicant for registration or their conveyancer that written notice of the disposition was given to Sigma SPV1 Limited (incorporated in Jersey) at care of HL Legal 3rd Floor Grosvenor House, Prospect Hill, Redditch B97 4DL, being the person with the benefit of an interim charging order on the beneficial interest of... Will my solicitor, when appointed, know what restriction k is? It seems quite clear in that restriction language from the Land Registry.
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So the restriction is enforceable even though the actual company listed on the title doesn't exist any more? I'm not talking about whether the debt is enforceable, that's another topic, just wondering how another company can enforce a restriction legally imposed by a company that has been dissolved, without them going back to court. I emailed them so many times a few years ago to try to get them to take payment and never heard back. Very frustrating. The home is owned jointly.
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I had a restriction of sale placed on the Land Registry title of my house for approx. £1000 in 2013 by Sigma SPV1 Limited while I was out of the country and did not receive notice of a small debt (which snowballed with penalties and interest) after I moved abroad. I am now about to sell the property and checked the title and found this restriction from 2013. I searched for the company, Sigma SPV1 limited and see that they were dissolved last year. How do I go about removing this restriction as quickly as possible? I'm happy to pay the amount if that's the quickest way, but unsure if I can even do that since the company with the restriction was dissolved?
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Final update - the cheque arrived last week, pretty prompt really considering the time for my signed acceptance to get back to the UK and then the cheque to make it here to the USA. Thanks to all who gave me help and advice, it felt so good to finally have the cheque in hand after such a long time!
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UPDATE: After giving it one more shot across the bows as Jedicris suggested I didn't hear from them at all for the past two and a half months, until today. I ended up signing the final acceptance a couple of weeks ago and just resigned myself to the fact that they'd set off the £940 and that once I had some cash from them I could pursue the rest via the FOS. I had a surprise letter back today saying Arrow had after all told them that the account was closed (as I'd been insisting all along, because I settled the debt with them full & final). They must have attempted to pay Arrow the set off £940 after I returned the acceptance offer and amazingly Arrow replied honestly saying that it was closed. As a result their original calculation no longer stood. The actual amount is now over £400 higher, due to the interest that has accrued since their initial offer in July, and now no longer includes £940 being set off. So it's just a simple matter of signing the new acceptance form and they'll be mailing a cheque for just short of £5000. I've actually made more money by Citi taking so long to resolve this, I don't have any other accounts that are earning me 8% interest at the moment. Merry Christmas, and thanks to everybody for their advice!
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Have done now Jedicris, will see what they say.
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Jedicris, that's extremely useful, given that you're in exactly the same situation as me. Do you think I should go ahead and sign the paperwork to at least get 75% of the cash and then refer the complaint to the FOS with regards to the set-off portion? I'd love to keep in contact with your progress.
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It may or may not be, I really don't know given that I can't seem to find the right info anywhere, and I've searched. Plenty of people simply say they can't do it if a debt has been sold to a 3rd party but nobody seems to know what to do if the bank still insist it can. Could the title perhaps be updated to more accurately reflect the whole issue then, rather than the specific information I'm seeking at the moment?
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Appreciate it - thanks.
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Thanks, I appreciate that very much. I thought Canada Square Operations were Citibank? Can they still repurchase a debt that has been settled Full & Final?
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So in this situation is this course of action appropriate?
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I see people talking about suing on here, is that the same as filing a claim with Money Claim Online? I've called Canada Square Operations several times. They're maintaining that offsetting (they're calling it making an adjustment to my account) part of my redress to a third party (Arrow Global) is legal, and what they're required to do by law to put me back into the same position as I would have been without the PPI. Can I file a claim with Money Claim Online for the total redress? It seems like my only option as I've exhausted all avenues with CSO directly.
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I'll be so happy when I finally have the cheque in hand!
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I found the Canada Square Operations number and called them. The man I spoke to had a look at my file and said he was emailing his superiors to tell them that the account with Arrow Global was concluded. He said they would contact Arrow Global and confirm that the account was closed and send both portions of the cheque out. I pointed out to him that my business with the third party was neither here nor there in relation to money they've agreed they owe me, and that I don't owe Egg any money. He said he did not know about such matters and I'd have to call back Monday to follow up with his boss about this, as he's only going on the guidance he'd been given, which was they'd always set off any outstanding amount. Hopefully they'll just confirm with Arrow Global that the account has been concluded (I have a letter from them to prove that it has) and not delay any further in sending the cheque out.
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Am I taking this the right direction though by going to the FOB? I just want to have this sorted as quickly as possible, it's already been months since my complaint was upheld.
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I called their helpline, explained the situation that my complaint had been upheld but they want to set off to a third party. The lady on the phone didn't know the answer, so said she'd call me back. Pointed out that I live in the US and asked if she could email back. So that's the email I received from them following up after my phone call. Don't think she was an adjudicator, just a rep on the helpline.
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Thanks rebel11, that's the link I found and sent to the Ombudsman in response to their reply.
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Thank-you. I have pointed that out to them and included a link and copied the most relevant paragraph I could find on their website. I feel like I'm banging my head against a brick wall. What is my course of action with Canada Square? I've warned them twice I will take legal action - should I now file a claim in the small claims court?
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Just had an email reply from the Ombudsman. They seem to disagree with the advice regularly given on here that PPI cannot be used to set off debt sold to a third party: Thank you for contacting us today. My understanding of your complaint is that Canada Square have stated a portion of the settlement figure they have offered needs to go to a third party, Arrow Global. This company purchased the debt of the original loan the PPI was applied to. You arranged a figure, which you paid, to settle this debt with Arrow Global, and consider the debt to be paid. Please do contact us again if this is incorrect. I have discussed this issue with one of my colleagues as I explained on the phone. As the settlement figure you agreed with, and paid to, Arrow Global was not equal to the outstanding debt sold to them, there is still a remaining balance on the account. Any redress for PPI paid by a business can be used to offset any debt in relation to the account the PPI was associated with. As there is still a balance outstanding in relation to the loan, it is reasonable for Canada Square to state some of the PPI settlement is to go toward this balance.
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