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

jumperabv3

I'm about to exchange for a property I'm buying - BTL, but the only thing missing is the TP1 Doc from 1991 - the seller has only a copy of it but it's not a certified copy.

My solicitor says "The Land Registry official copy of the transfer does not have a plan and it needs to be updated otherwise {the buyer} may face issues when he comes to sell the property as the plan is a very important part of interpreting the provisions of the transfer. The Land Registry will only update their official copies if a certified copy is uploaded and obviously you cannot submit a certified copy without having the original."

What can be done to obtain it if it's from 1991? Or alternatively what's the best thing to do at this stage?

The property is currently being rented out on a monthly basis, rent is payable every 1st of the month.
Is it possible to exchange, I'd pay 10% with stipulation there is no completion until this issue is sorted out and also rent will be payable to me until this is done? (and then we complete and the seller gets the rest of the funds) ?

Any ideas what's the best thing to do in this case if I'd like to proceed but just don't want to get stuck over this issue but on the same time I also don't want to treat it as negligible neither?

davidmcn

jumperabv3 said:

Is it possible to exchange, I'd pay 10% with stipulation there is no completion until this issue is sorted out and also rent will be payable to me until this is done? (and then we complete and the seller gets the rest of the funds) ?

What if it never gets "sorted out"?

jumperabv3

davidmcn said:

jumperabv3 said:

Is it possible to exchange, I'd pay 10% with stipulation there is no completion until this issue is sorted out and also rent will be payable to me until this is done? (and then we complete and the seller gets the rest of the funds) ?

What if it never gets "sorted out"?

So we agree on a certain compensation, reduction in price, or something like that. How does it sound?

davidmcn

If it's a cash purchase you are free to ignore your solicitor's advice if you like, but be aware you may face the same questions when you sell (or remortgage).

greatcrested

Cash purchase or mortgage lender involved?

jumperabv3

davidmcn said:

If it's a cash purchase you are free to ignore your solicitor's advice if you like, but be aware you may face the same questions when you sell (or remortgage).

greatcrested said:

Cash purchase or mortgage lender involved?

I'm using remortgage funds i.e. using cash.
I'd rather not face the same questions when I come to sell it regardless of me using cash so I'm wondering what's the best thing that can be done to resolve it?
Can I buy it (i.e. exchange/complete) and sort it out myself without any rush even if it would take me 1-2 years? If it's a matter of time - I have time... my question is how do people resolve such issues in the first place? Perhaps the HM Land Registry can agree to include a copy of TP1 because it's from 1991?

The copy looks like this:
https://i.imgur.com/CrOSQOM.png
Is there a way to get a certified copy of it or make the HMLR register it the way it is?

What's the best practical way moving forward?

AdrianC

1991 was the last sale, and it's not registered at LR?

jumperabv3

AdrianC said:

1991 was the last sale, and it's not registered at LR?

The sale is registered in the Land Registry.
The title is there as well.
My solicitor says the Partial Transfer (also known as TP1 Form) - this is not included in the Land Registry database.
She received from the seller's solicitor a copy of TP1 but it's not original.

This is the text she showed me with her discussions with the seller's solicitor - the bold text is hers.

Does your client hold the original TP1? Please arrange to submit the plan to the Land Registry so they are able to update their version of the TP1. Our client  does not have the original 1991 Transfer, we have forwarded to you a copy of the Transfer plan that they received when the purchased the property. We confirm we have received the plan from you however this does not resolve the issue. As and when our client comes to sell the property in future, they may have difficulty doing so as the official copy version does not have a plan. Please make enquiries to see if the original TP1 or plan can be located so the Land Registry can update the version they hold.

greatcrested

So by the sound of it your seller purchased in 1991 from a developer - is the property on a large 20 year old estate perhaps?

The seller or their solicitor could approach the developer (their seller) if still in business. I'm not a lawyer but perhaps a replacement TP1 could be created if the seller does not have an original from 1991.

But I'd be very wary about buying without some kind of resolution.

FreeBear

From the document, the company involved was Ideal Homes Southern Ltd. It is still an active firm according to Companies House, so they may well have the original TP1. The seller should get in contact with Ideal Homes and sort out the missing (certified) documents.

jumperabv3

FreeBear said:

From the document, the company involved was Ideal Homes Southern Ltd. It is still an active firm according to Companies House, so they may well have the original TP1. The seller should get in contact with Ideal Homes and sort out the missing (certified) documents.

Is it possible to find a phone number or email for this company or that would be too much to ask?