Gregson Green’s Annual General Meeting- Update (December 2018)
At the Gregson Green Annual General Meeting on Tuesday 13 November 2018 a query was raised regarding Gregson Green’s Land Registry title.
There was a suggestion that the registered charge listed on the property title imposed a financial burden on Gregson Green and we would like to re-confirm that this is not the case.
Prior to entering into the Collaboration Agreement the Trustees took advice from Napthens Solicitors, one of the North West’s leading law firms. This included advice from a partner in the firm who specialises in trust deeds and also advice from another partner who specialises in commercial property law, both on the merits of entering into the Collaboration Agreement and the risks that this action would, if any, include. Under the advice of Napthens, the Trustees were willing to enter into the agreement due to the obvious benefit of potentially securing a new community centre.
There is therefore a restriction on the title which references the existence of the Collaboration Agreement and requires the Trustees not to complete any type of disposition (for example a sale, the grant of a charge, or the grant of an easement etc.) without obtaining the consent of Willowgrove Developments Limited.
The reason for this restriction is to protect the terms of the Collaboration Agreement which the Trustees of Gregson Green have entered into with Willowgrove Developments Limited regarding the possible delivery of the new community centre.
Willowgrove Developments Limited is the project management company under who’s instruction Cassidy & Ashton, Thornber & Walker and Eckersley are collectively acting in dealing with Rowland Homes, Jennifer Turner and South Ribble Borough Council on the current planning application. The costs of their professional services are not the responsibility of Gregson Green. If the planning application is successful, then Gregson Green will be the beneficiary of a significant capital payment through a planning legal agreement (called a Section 106 Agreement) to help fund the new community centre project. The Collaboration Agreement itself merely requires the two parties to act collaboratively.
The Unilateral Notice on the Land Registry title also protects the terms of the Collaboration Agreement as it puts on notice any purchaser or lender that the land is bound by the terms of the Collaboration Agreement and identifies the parties involved.
Our legal advisors have confirmed that the Collaboration Agreement is a confidential matter between the parties and should not be disclosed without the accord of all parties and only where there is a specific need relative to a proposed land or property transaction with a third party as per the restriction on title.