Embargoes

[Suzanne]

Hello Lawbird,
Can you please tell me if embargoes expire after a certain date? For example, court issued embargoes on developer's unsold property assets.
Thank you & regards,

[Suzanne]

Any chance of an answer on this question, please?

[lawbird]

Dear Suzanne,

My apologies for the delay in coming back to you.

Different kinds of embargoes may have different expiration dates. It is therefore hard to advise you without looking at the relevant documents.

In the example you put forward (court embargo over immovable property), and unless the Court order mentions otherwise, the embargo expires after four years of the day in which it was registered. I should also highlight that this period can be extended - upon request - for a further four years.

Kind regards and wish you a merry christmas for you and your family,

[Suzanne]

Dear Lawbird,

Many thanks for your reply & warm wishes.

The reason for this query is prompted, not just by my own case, but that of many petitioners I am in contact with. Some have paid for their embargoes nearly two years ago (presumably the time these embargoes are 'registered' ) but are still awaiting various procedures to be completed before the embargoed properties are even brought to auction. So, the likelihood of an extension for many of us seems to be growing.

May I ask if there is a charge for this 'extension', & if so should we be preparing for it, or is this a nominal charge? I appreciate your comments will have to be generalized.

Many thanks, Suzanne

[lawbird]

Hi Suzanne,

My pleasure.

There will be no charges for the extension. The Lawyer instructed will simply petition such Order to the Judge and, if granted, the Order can subsequently be registered at the Land Registry.

In terms of timeframe, this will depend on the Tribunal that is hearing these claims. I understand your petitioners will have a Lawyer and a Court Agent instructed. The Court Agent should be able to estimate with more certainty how long it can take until such an order is granted. In any case, it is important to act in advance given how slowly some Tribunals work nowadays.

Kindest regards,

[Suzanne]

Many thanks for such a concise explanation. Much appreciated.

Seasons greetings to you & warmest wishes for 2011

[lawbird]

Pleasure and thank you for your words...

Seasons greetings to you and your loved ones... and a happy new year Suzanne!

Warm regards,

[Leonard]

if it is a timed embargoes, than it will expire as the date mentioned on it .
other wise it is vague .