Has anyone gotten a mortgage with a transfer deed

london21

lonibra said:

OP, Virgin's conveyancing handbook lists a few exceptions for sub-sales, do any of them apply to your purchase?

Also it lists a helpline for solicitors. You could save a wasted application by getting him to call and confirm that it's ok with Virgin before you apply. Otherwise you have the risk of finding out a few weeks into the process.

Hi lonibra thanks a bunch for your assistance, The solicitor has stated that "In terms of the lender requirements, the CML is silent in respect of purchasing properties that have yet to be registered under the name of the seller. I referred one to the Halifax a number of weeks ago and they would not accept the position."
Haven read Halifax and Tsb's lending criteria for example would not bother applying they have said no to back to back mortgages. 
The situation with the property is that as of today the property is not in the vendor's name and there land registry has the seller that sold to vendor's name on it. 
The contract states 

"The seller shall, in addition to the Transfer Deed provide to the buyer:

a) The Transfer Deed from the registered proprietor to the seller

b) SDLT5 Certificate in respect of the Transfer to the seller

c) Form AP1 in respect of the transfer to the seller"

(section 37, Land Registration Act 1925).

37 Powers of persons entitled to be registered (i thought section 2 applies in this instance)

(1)Where a person on whom the right to be registered as proprietor of registered land or of a registered charge has devolved by reason of the death of the proprietor, or has been conferred by a disposition or charge, in accordance with this Act, desires to dispose of or charge the land or to deal with the charge before he is himself registered as proprietor, he may do so in the prescribed manner, and subject to the prescribed conditions.

(2)Subject to the provisions of this Act with regard to registered dealings for valuable consideration, a disposition or charge so made shall have the same effect as if the person making it were registered as proprietor.

(3)Rules may be made for extending the provisions of this section to the case of any person entitled to be registered as first proprietor, and to any other case for which it may be deemed expedient to prescribe.

will call virgin bank omorrow and a few brokers otherwise will have to start raising cash/finding alternative finance as I cannot afford to lose my 10% deposit. 

user1977

Just to clarify, there's no legal problem with what's being proposed - you'll get a good title (and the lender will get their security), the issues from the lender's point of view are (a) what is the true value if it's been sold very recently at a lower price than the one you're buying at and (b) the fact that these sorts of transaction have a tendency to be associated with mortgage fraud or money-laundering, and it's less hassle for the lender just to stay clear.

london21

user1977 said:

Just to clarify, there's no legal problem with what's being proposed - you'll get a good title (and the lender will get their security), the issues from the lender's point of view are (a) what is the true value if it's been sold very recently at a lower price than the one you're buying at and (b) the fact that these sorts of transaction have a tendency to be associated with mortgage fraud or money-laundering, and it's less hassle for the lender just to stay clear.

Mine and my solicitor's efforts arent yielding much results and really dont know what to do now.

"Please provide property information form and fixtures list.

Please also provide AP1 submitted to HM Land Registry (or to be submitted to land registry with supporting documents)

Please provide your client’s full name to enable us to draft the TR1."

the seller's solicitor has provided a company name which is not the same on land registry. and stated "please  note our client’s purchase of the property is to coincide with its sale which is to take place simultaneously."

Thrugelmir

Is the property a repossession? 

london21

Thrugelmir said:

Is the property a repossession? 

I am not sure. i think its a flip. Was when i won the auction realised vendor's name different to the name on the land registry. 

london21

Thank you all so much. Completed today.