First off, apologies for using the wrong terminology here, but hoping someone can work out what I mean (feeling very frazzled).
I bought my right to buy coming up to 5 years ago. For those first 5 years there is no restriction on selling, but there is a % of deposit to pay back and a commitment to offering the council first refusal. As part of this there is some kind of 'note / restriction / covenant' - basically something I don't know the name of without going through the paperwork, that is placed on the property (maybe land registry?). This meant when remortgaging in year 2 it wasn't a straightforward process with the bank - held up by paperwork needing to go to the council to 'approve' it (again wrong choice of word - see my opening statement!)
After all that waffle, I'd just like to know what I need to do, if anything at year 5 to have this 'note/marker - whatever it's called' removed from the property - or do I do nothing?
I don't intend to sell, but mortgage rate term is up soon and I'll need to start that process.
Thanks in advance.