HELP NEEDED ASAP am confused!!!

joel10873

have just had some quotes for conveyancing buying a property and have come across a land registry search....am slightly confused by this. as far as i can work out this is a bankrptcy search? my questions are this

1) is this made against us or the property? (as in people living there / previous / current owner)
2) if it is against us why does our solicitor do this surely it would come up on the banks mortgage credit search if there was a problem?
3) i understand they can do an in depth search for any(?) number of years?? is this standard (as in would they do in depth or basic for past 3 / 5 years) and how many years do they search for? would seem a tad unfair is a discharged bankruptcy from 20 years ago was counted against you??

many thanks for you help

G_M

Are you doing your own conveyancing? If so, given the question, my advice is... don't.

If you are using a professional, my advice is... get your money's worth. Ask.

However this may help too.

joel10873

no we are not doing our own conveyancing, im just trying to work out what im paying for.

im still a little confused...as far as i can tell im paying for a search to see if i have ever been bankrupt?

this still leaves me a little confused as

a) i would know that
b) if i had been why would i want to pay for a search that would show that? surely if the bank wants to know they should pay for that (and also it would show in the credit search)
c) i can still find no information as to what this supposed £3 search actually convers i.e time periods? (i refer to my previous 20 years ago comment)

again any help appreciated

sirmosh

I wouldn't worry about it, since it's compulsory if you're getting a mortgage there's not a single thing you can do about it other than not buy a house. Doesn't even really matter what it's for if you have no choice but to pay for it.

joel10873

yes i agree sirmosh those are my options but since it isnt just the £4 land registry i have to fork out but hundreds of pounds of conveyancing fees i would rather know before i pay those if something untoward is likely to pop up and save myself the cash

besides i think it is always prudent to understand exactly what you are paying for

joel10873

also having looked into this is it only if there is property involved in the bankruptcy that it is registered with the land registry???

G_M

joel10873 wrote: »

this still leaves me a little confused as

a) i would know that yes but your mortgage lender wouldn't
b) if i had been why would i want to pay for a search that would show that?You may well not want to pay. Or to find out. But your lender will surely if the bank wants to know they should pay for thatWhy? As with many other things they do/require to be done when you apply for a mortgage, you pay. Even if they offer a 'free valuation' or 'free legals' they will be building those costs into your mortgage costs elsewhere. (and also it would show in the credit search which was done some days/weeks/months ago)
c) i can still find no information as to what this supposed £3 search actually convers i.e time periods? (i refer to my previous 20 years ago comment) for lots more info Google "bankrupcy search conveyacing"

again any help appreciated

..............................................

joel10873

thanks all i have looked into this further and yes i agree G_M i guess all fees and searches they require are down to me although i do still think to some extent this is duplicating the credit search

BUT it seems this search is only relevent to a bankruptcy involving property??....hence why its on the land registry...or am i getting it all wrong here?

Also as far as i can see from reading on the land registry site everything comes off after five years anyway??

"Bankruptcy entries are automatically removed from the Land Charges registers five years after the bankruptcy order was registered in the register of writs and orders, unless an application has been made to renew the entries. This means that, normally, entries will come off the Land Charges register some time after the bankrupt is discharged, without the need to apply."

Again many thanks for all your help it is greatly appreciated

smith121

G_M wrote: »

Are you doing your own conveyancing? If so, given the question, my advice is... don't.

If you are using a professional, my advice is... get your money's worth. Ask.

However this may help too.

Visited the link. really found interesting stuff there. Thanks for sharing with us.