DIY Conveyancing question

G_M

Enjoyed the thread on DIY conveyancing, but this one is specific - please: no replies on the pro and cons of DIYing!

I'm on the point of agreeing purchase of a repossession. Via an agent not auction. Cash purchase, so no lender involved.
It's been a while since I DIYed a purchase and I know the process has changed.
1) I assume the Land Reg will show the Bank as owners with no charge on the property, not some complex set-up with the original owner named and the Bank having a charge?
2) I believe there is a legal reqmt for the vendors (Bank of Ireland) to mitgate their losses by placing a Public Notice in the paper about the proposed sale (& price), and that any subsequent offer they receive must be accepted (ie I get gazumped). Is there a legal minimum period for this or can I minimise the risk by getting to Exchange in say 10/14 days?
3) How do the new processes (HIPS and other changes) alter the work I need to do esp pre-Exchange as I want to get there asap! - can't find a really up-to-date book for the DIYer!!

ps - it's a bog-standard, modern, detached house on an estate of similar houses, so I'm pretty laid back about searches etc:
Survey? I'll crawl over the house. There's some superficial internal damage but nothing major (eg roof/subsidence), nor on surrounding houses
LA Searches? I'll do in person but again, an established estate so no motorway plans, utilities all in place, etc
Enquiries? Frankly the vendor (bank) probobly knows nothing so will answer 'Vendor has no knowledge'.

Cheers!

poppysarah

modern can mean loads of stupid terms relating to what you can do outside, or to the property.

G_M

poppysarah wrote: »

modern can mean loads of stupid terms relating to what you can do outside, or to the property.

Not quite sure what you're trying to tell me here, or how this helps...

poppysarah

You don't want to be told that not paying a professional to do it is stupid. Have a thorough look through all the paperwork and these searches you're not so keen on checking eithe should be in the hips.

G_M

Have a thorough look through all the paperwork and these searches you're not so keen on checking eithe should be in the hips.

Good idea. I hadn't thought of looking through the paperwork!

Anyone got any constructive replies?

Hippychick

The lender won't be registered as the owners, the deeds will show the original owners and all of the charges registered, you need to be VERY careful about who is selling the property to you if it is a second charge holder then various undertakings etc need to be obtained about paying off any higher priority charges, the lender will issue you a TR2 form to transfer the property to you.

I know you don't want to know the pros and cons of DIY conveyancing but repos are treated differently by HM Land Regsitry and unless you are supremely confident in checking all of the legal paperwork you may be better off paying a solicitor, you don't want to attempt to register then find you can't because you missed something, ie a higher priority charge hasn't been paid off etc.

G_M

The lender won't be registered as the owners, the deeds will show the original owners and all of the charges registered..

Thanks. That's v helpful and is exactly why I posed Q1. As you say that makes it very different from a standard purchase where the Vendor is also the Registered owner/freeholder.

Not what the agent told me (surprise) but as its early days I haven't seen paperwork yet.

I know you don't want to know the pros and cons of DIY conveyancing

No, I just didn't want to kick off a new thread on a topic already under discussion. Whether DIY is appropriate in this very specialised situation of course is a different issue and one I will now consider carefully.

Thanks.

Hippychick

It is different to a standard purchase, worth investigating if you are really interested in the subject but you must be very careful if you do decide to DIY.

I wish you luck in your new purchase.

GDB2222

G_M wrote: »

Enjoyed the thread on DIY conveyancing, but this one is specific - please: no replies on the pro and cons of DIYing!

I'm on the point of agreeing purchase of a repossession. Via an agent not auction. Cash purchase, so no lender involved.
It's been a while since I DIYed a purchase and I know the process has changed.
1) I assume the Land Reg will show the Bank as owners with no charge on the property, not some complex set-up with the original owner named and the Bank having a charge?
2) I believe there is a legal reqmt for the vendors (Bank of Ireland) to mitgate their losses by placing a Public Notice in the paper about the proposed sale (& price), and that any subsequent offer they receive must be accepted (ie I get gazumped). Is there a legal minimum period for this or can I minimise the risk by getting to Exchange in say 10/14 days?
3) How do the new processes (HIPS and other changes) alter the work I need to do esp pre-Exchange as I want to get there asap! - can't find a really up-to-date book for the DIYer!!

ps - it's a bog-standard, modern, detached house on an estate of similar houses, so I'm pretty laid back about searches etc:
Survey? I'll crawl over the house. There's some superficial internal damage but nothing major (eg roof/subsidence), nor on surrounding houses
LA Searches? I'll do in person but again, an established estate so no motorway plans, utilities all in place, etc
Enquiries? Frankly the vendor (bank) probobly knows nothing so will answer 'Vendor has no knowledge'.

Cheers!

Back in the early 90's I bought and did the conveyancing myself. I have no idea how the procedure has changed though. In answer to your specific questions:
1. Agree with previous answer, and I had no cases where there were multiple charges.
2. I don't think there is a legal requirement. It is so the bank can show the previous owners that they have taken reasonable steps to get the best price. 7 days is usual, and the bank won't exchange within that period. In practice, they may wait the 7 days before issuing the paperwork and in any case you may not want to do any work until the 7 days are up.
3. HIPS should mean that most of the paperwork is already supplied. The main extra things you might need are to update the searches, but you have said you don't care about those.

NB: I have not done any of this for around 10 years, and since then the LR has gone 'paperless', etc.

GDB2222

BTW, modern doesn't really help here. If it is very newly built, it is possible that the only conveyancing that was done on the entire estate was by the builder's tame conveyancer, who may have overlooked the same problem on all the properties. Actually, from the point of view of relying on previous conveyancers to have picked up any nasties, older property is better.

G_M

Thanks Hippychick & GDB2222.

I only mentioned modern in terms of condition, and hence survey. The estate is old enough (25 ys) for significant problems to have become apparant, but new enough that the house will conform to Building Regs and be sound. Damp, poor roof, subsidence etc are all unlikely & would show indications. As comparison, my present house is 175 years old and was a can of worms, so I had a full survey done here which identified lots of hidden things.