Can the other party be this involved in a sale considering they have never been a legal owner of this property and just have a financial interest?

Question

Hello, I was wondering if I could have some advise regarding a property sale.

A member of my family is having to sell their home due to another party wishing to release their financial interest (please note, Said person was never named as an owner on the land reg, there is also no mortgage on the property and they were never named on that when there was).
The property has been for sale for 2 days, and they are constantly asking for updates on ‘how it’s going’.
We have specified we do not wish to have direct contact with the other party but they have said the agent and conveyancer (when there is one) that they should be going out of their way to update the other party.

Mary Boyd · Accepted Answer

NQ. You say they have a financial interest, but are not named on the deeds or the mortgage. Then what exactly is their interest in the property?

Answer

NQ - the only time they need to become involved is once the sale is done and they are to receive their monies.
I would tell the agent and conveyancer you’d consider it a breech of trust and GPDR if they continued to give over information to people whom have no relevance to the sale.

Answer

Property Lawyer - if there is a declaration of trust is there are tenants in common restriction registered at the land registry? Is there a restriction registered in their favour?

If there is a restriction registered in their favour then the conveyancer will need to speak with them as they will need to remove this restriction on completion.

I would suggest you discuss with your Conveyancer.

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