How Long Does It Take To Get Land Registry Report

Anon_John

Some contributors on this site give excellent advice. However, I have a few other questions which I have not yet found the answers on. I would be very grateful if you could help me.

1) Some advise to check Land Registry re whether the LL has lenders permission to let and whether the LL actually owns the property. Great advice! Taking that advice a step further: how long does it take to get that information?

If I find property I like, I may lose out to someone else by the time I check out the LL. If I give a holding deposit (to prevent that) but the report tells me (afterwards) that the LL does not have permission from his lender, I will have to pull out which will mean losing some or all of my deposit. If I do not pay a holding deposit the property may go fast (especially within my location). What should I do?

2) I have done some digging and discovered that SPICERHAART are enormous as a holding Company of Haart and Spicer McColl to name just 2 of many letting agents. They are members of TPOS.

Based on their size (my circumstances mean that I have no other option but to offer a 6 month rent down payment to secure accommodation) my 6 month rent down payment would surely be safer if held by a secure agency like them, wouldn't it? ie they are hardly likely to be closed down within the next 6 months? Would you advise that I use Haart and Spicer McColl for security reasons?

3) What I am looking for is a property in which the LL has permission to let and the agency is strong enough not to go bust. This would mean I am covered on both fronts, ie if the LL is given the money (via the LA) I am protected, if the agency holds onto it, it will also be secure. Am I thinking right?

Thanks guys.

Richard_Webster

See below in blue:

and whether the LL actually owns the property.

Getting a set of copy entries (£4 from landregistry.gov.uk NOT one of the sites that try to suggest they are official but charge you a lot of money for the same thing) will tell you who the landlord is and who the lender is (if there is one)

Some advise to check Land Registry re whether the LL has lenders permission to let

Don't know how the Land Registry is going to tell you this.

sonastin

Downloading title deeds from LR is pretty much instantaneous - well, as quick as your internet connection permits. I'm not sure it will tell you definitively that the LL has permission to let but it is probably something you can infer from the details that the LR hold about the owner of the property.

Not sure about the letting agents - there have been some posts on here which are quite critical of that group of companies but I have had no personal dealings with them so couldn't comment. Just because it is an extensive business, it doesn't necessarily follow that it is financially secure - Woolworths had a lot of branches too remember. A small reputable letting agent might be just as safe, if not safer than a badly run national chain. I don't know where you'd start finding out that info though.

Anon_John

Thanks Richard and Sonastin for letting me know these things. Okay ...... so getting a LR report is instantaneous but doesn't tell me if the LL has permission to let. Therefore I will need to ask their lender. So the same question applies: how long and how easy is it to get that information from the lender and will they be willing/allowed to give that private info? Would they give me a reply immediately by phone?

silvercar

Anon_John wrote: »

Thanks Richard and Sonastin for letting me know these things. Okay ...... so getting a LR report is instantaneous but doesn't tell me if the LL has permission to let. Therefore I will need to ask their lender. So the same question applies: how long and how easy is it to get that information from the lender and will they be willing/allowed to give that private info? Would they give me a reply immediately by phone?

Not a chance in hell. Data protection and all that.

You can ask the letting agent if they have seen proof. You can ask the landlord for proof. Whether either will tell you enough to satisfy you depends on them.

If you download the deeds there are clues.

1. if the registered landlords address is different to the property address, they probably have a BTL mortgage.

2. if the addresses are the same then they may have BTL, they may have consent to let on a residential mortgage or they may just have a residential mortgage.

3. If the lender is someone who specialises in BTL mortgages you are probably OK.

4. There may not be a mortgage.