Land Registry Certificate

jstvj

Sorry G_M I didn't see your last comment which I understand when an individual Vender is involved but this is a Developer/Builder, who has completed a large complex.

G_M

jstvj wrote: »

Sorry G_M I didn't see your last comment which I understand when an individual Vender is involved but this is a Developer/Builder, who has completed a large complex.

Makes no difference.

Either the existing owner does, or does not, have a Charge (mortgage) registered on the property. Which is is? What does the current Title show? Your solicitor should have sent you a copy, but if not, for £3 you can get it here.

If there is a Charge, it will need to be removed by the seller before your Title is registered. If not, there is no 'solicitors undertaking' to remove it and no delay waiting for it to be removed.

Land_Registry

12th December may well be the end date for any priority search lodged by your solicitor to protect your application?

Normal conveyancing practice is to lodge a priority search (form OS1) as and when you complete which then provides a 30 day period in which to submit the actual application

jstvj

Land_Registry_representative wrote: »

jstvj - .

At present roughly 80% of such applications are completed within 12 days but some can be subject to longer delays.


I have received a reply from your Durham office stating that they received the application from my Solicitor on December 11th. However they say it will take 5/6 weeks to process, which seems to be an awfully long time ?

Land_Registry

jstvj - in later posts you mentioned that the sale is by a developer and is a new build. Apologies as I should have added that such registrations can take longer and the 5/6 week estimate is a reasonable one.

Such applications tend to take longer as they involve the preparation of a new title plan as well as a new register. A run of the mill purchase of a single property/title will often be completed much more quickly, hence my earlier post.

If there is a genuine urgency in getting it registered then we can consider such requests and it may lead to a quicker turnaround time but with a developer's title there are often a number of plot sales being registered so there is already a queue of sorts which often have to be completed in the order received.

In my experience registration follows on from the buyer moving in and often happens several weeks afterwards so registration is not seen as being urgent. However I do appreciate that is not always the case, so is there an urgency to this purchase being registered perhaps?

If there is then others may be able to offer some reassurance as well?

jstvj

Land_Registry_representative wrote: »

jstvj - in later posts you mentioned that the sale is by a developer and is a new build. Apologies as I should have added that such registrations can take longer and the 5/6 week estimate is a reasonable one.

Such applications tend to take longer as they involve the preparation of a new title plan as well as a new register. A run of the mill purchase of a single property/title will often be completed much more quickly, hence my earlier post.

If there is a genuine urgency in getting it registered then we can consider such requests and it may lead to a quicker turnaround time but with a developer's title there are often a number of plot sales being registered so there is already a queue of sorts which often have to be completed in the order received.

In my experience registration follows on from the buyer moving in and often happens several weeks afterwards so registration is not seen as being urgent. However I do appreciate that is not always the case, so is there an urgency to this purchase being registered perhaps?

If there is then others may be able to offer some reassurance as well?

Thank you very much for your reply, I now understand the position. I had hoped to receive the registration earlier, because although I paid cash initially, I now want to mortgage the property in order to buy a nice new car or camper. I know a mortgage application takes about four weeks, so presumably the two will coincide if the registration takes no more than the estimated 5/6 weeks. Thank you again for your help and advice.

davidmcn

jstvj wrote: »

Thank you very much for your reply, I now understand the position. I had hoped to receive the registration earlier, because although I paid cash initially, I now want to mortgage the property in order to buy a nice new car or camper. I know a mortgage application takes about four weeks, so presumably the two will coincide if the registration takes no more than the estimated 5/6 weeks. Thank you again for your help and advice.

You could have trouble with that, as lenders will generally want you to have owned the property for at least six months before they'll offer a mortgage.

jstvj

davidmcn wrote: »

You could have trouble with that, as lenders will generally want you to have owned the property for at least six months before they'll offer a mortgage.

Thank you, yes the mortgage broker has just told me that. It all seems very much more complicated than my original idea of letting the house and mortgaging it as a buy to let. However, I have now made the offer to my Daughter in Law and I do not want to let them down, when and if they decide that they will be able to afford the repayments. The Mortgage Broker is now getting someone else to ring me with a view to an unsecured or secured loan alternative, but whether the terms will be similar, remains to be seen.

jstvj

Also, apparently a Buy to Let mortgage is unregulated, so my income from the rental can be taken into account. Whereas a residential mortgage is regulated and my income from the mortgage repayments on the sale of my house cannot be considered. Without taking the house income into account, my income would not be sufficient to finance the residential mortgage. Up the creek without a paddle comes to mind.