We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
The Forum is currently experiencing technical issues which the team are working to resolve. Thank you for your patience.
Land charges - unregistered property
franklanssku
Posts: 1 Newbie
Hello,
I am in the process of buying an unregistered property in wales and have been up against some issues for the last 4 months around a second legal charge (C1) logged with the land registry. This charge is from a lender who the current owners mortgaged with back in the early 70s and it was subsequently paid off in 1995. The seller has a receipted copy of the original mortgage certificate however it is stamped by a different company than that who originally provided by the mortgage (hence the challenge).
The original company has divested several times since the mortgage was taken out and the receipt is from the company who owned the mortgage part of the business at the time it was paid off, hence why the stamp is not the original lender. However the original lender is the one with the name on the land charge.
Our solicitor is not accepting this receipt as they want the sellers to get the charge removed (quite rightly) - however it is now causing the chain to be at risk of failing given the time it has taken. The seller is trying to chase down who can authorise getting the charge removed, which is now just looking really unlikely given the time invested so far.
The options presented to us are that 1) the sellers either confirm with land registry this is sufficient information for us to log first registration and get the charge removed, or to 2) legally take ownership of the charge and remove post completion within a time frame.
I assume the sellers solicitors will refuse option 2 - however has anyone got any experience of similar issues with unregistered properties and how have the land registry been with option 1? Why this was not investigated sooner I don't know but we've only been kicking a major fuss up in the last few weeks.
Cheers
F.
I am in the process of buying an unregistered property in wales and have been up against some issues for the last 4 months around a second legal charge (C1) logged with the land registry. This charge is from a lender who the current owners mortgaged with back in the early 70s and it was subsequently paid off in 1995. The seller has a receipted copy of the original mortgage certificate however it is stamped by a different company than that who originally provided by the mortgage (hence the challenge).
The original company has divested several times since the mortgage was taken out and the receipt is from the company who owned the mortgage part of the business at the time it was paid off, hence why the stamp is not the original lender. However the original lender is the one with the name on the land charge.
Our solicitor is not accepting this receipt as they want the sellers to get the charge removed (quite rightly) - however it is now causing the chain to be at risk of failing given the time it has taken. The seller is trying to chase down who can authorise getting the charge removed, which is now just looking really unlikely given the time invested so far.
The options presented to us are that 1) the sellers either confirm with land registry this is sufficient information for us to log first registration and get the charge removed, or to 2) legally take ownership of the charge and remove post completion within a time frame.
I assume the sellers solicitors will refuse option 2 - however has anyone got any experience of similar issues with unregistered properties and how have the land registry been with option 1? Why this was not investigated sooner I don't know but we've only been kicking a major fuss up in the last few weeks.
Cheers
F.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350K Banking & Borrowing
- 252.7K Reduce Debt & Boost Income
- 453.1K Spending & Discounts
- 242.9K Work, Benefits & Business
- 619.8K Mortgages, Homes & Bills
- 176.4K Life & Family
- 255.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards