About to exchange - TP1 is missing, my solicitor insists it's important, so cannot exchange

FreeBear

Ideal Homes is now part of Persimmon PLC. Contact details - https://www.persimmonhomes.com/corporate/contact-us

jumperabv3

FreeBear said:

Ideal Homes is now part of Persimmon PLC. Contact details - https://www.persimmonhomes.com/corporate/contact-us

Thanks so much! I called them and they gave me an email address of a person in charge, she works from home now (due to COVID19) so hopefully she could help (hopefully).
Can I ask how do you find all this information about the companies involved etc.?

macman

Just put 'Ideal Homes Ltd' into Google and it's the first entry that comes up...
Or do a search on Companies House:
https://beta.companieshouse.gov.uk/search?q=ideal+homes
No one is going to accept your proposed terms, by which there is no fixed date for completion, but you get full rental income in perpetuity for just your 10% deposit!

steampowered

This sounds like it could come back to bite you if it doesn't get sorted out now. It sounds like your solicitor is 100% correct to insist that it gets sorted before proceeding (and if you are taking a mortgage, your lender will probably insist on it).

It's great that you are pushing this forward but it's a problem that the seller and their solicitor should be taking a bit of responsibility to sort out. It might be worth making the estate agent aware that this has to be sorted, so that they can chase the seller - might be quicker and cheaper than going through solicitors?

jumperabv3

steampowered said:

This sounds like it could come back to bite you if it doesn't get sorted out now. It sounds like your solicitor is 100% correct to insist that it gets sorted before proceeding (and if you are taking a mortgage, your lender will probably insist on it).

It's great that you are pushing this forward but it's a problem that the seller and their solicitor should be taking a bit of responsibility to sort out. It might be worth making the estate agent aware that this has to be sorted, so that they can chase the seller - might be quicker and cheaper than\\\\\\\\\\Q going through solicitors?

Yes, I understand it's "great" but how long would it take to sort it out? I've asked my solicitor this and she hasn't replied to me yet... can it take days/weeks/months? Does it involve the land registry having to accept a new TP1 Doc because the original one is "lost"? What exactly does the process entail?
Has anyone gone through a similar issue before and can tell how long does it take to sort it out?

jumperabv3

Yes, I understand it's "great" but how long would it take to sort it out? I've asked my solicitor this and she hasn't replied to me yet... can it take days/weeks/months? Does it involve the land registry having to accept a new TP1 Doc because the original one is "lost"? What exactly does the process entail?
Has anyone gone through a similar issue before and can tell how long does it take to sort it out?

Has anyone gone through something like this before?

bris

Why don't you just let your solicitor deal with it for you. A public forum full of opinions on such a rare problem is not getting you any answers.

jumperabv3

bris said:

Why don't you just let your solicitor deal with it for you. A public forum full of opinions on such a rare problem is not getting you any answers.

So far the forum has helped me with several enquiries or issues throughout the process, so I wouldn't underestimate its benefits, I did receive from it several benefits, you can look at my post history as well.
There are of course trivial things I won't ask in the forum but such things like this sound like an unprecedented territory - hence I think it's best to ask for advice from anyone who have dealt with such issues in the past - to ask what did he/she do and maybe apply the same based on his/her experience if it sounds reasonable.

Also in my opinion solicitors are busy by nature and cannot explore many hypothetical scenarios which you can explore here, it's best to come to the solicitor with specific ones and then from there let the solicitor handle it.

GDB2222

Essentially, as things stand, the property is unsaleable. Well, that’s an exaggeration as somebody will buy it at a suitable discount. It’s not mortgageable and that reduces the value drastically. It’s the seller’s problem at the moment. Don’t make it yours unless you’re getting a massive discount.

jumperabv3

GDB2222 said:

Essentially, as things stand, the property is unsaleable. Well, that’s an exaggeration as somebody will buy it at a suitable discount. It’s not mortgageable and that reduces the value drastically. It’s the seller’s problem at the moment. Don’t make it yours unless you’re getting a massive discount.

What would be a massive discount? 5% off the agreed price?
And let's say I buy it with a discount - is there anything I can do to "replace" that TP1?
Should I call HM Land Registry this morning and ask them what to do?

The seller seems to be genuine and she genuinely doesn't have this document but she shouldn't even had it had the HM Land Registry recorded this document - there are other flats and houses in this development so I'm not sure why for this specific one the TP1 wasn't uploaded/recorded in the HM Land Registry.

I can always withdraw and pull out but I spent time on this as well as legal fees and valuation already - so it would be a shame to throw it all, but on the same time until this point - I am not entirely sure how "bad" is this situation? If this is something that can be fixed even if it takes years then I'll go for it - if it's something that cannot be fixed then either pull out or ask for a massive discount? Is that what you're suggesting?