Previous pending search on property.

tekie

I was in the process of remortgaging my property and the first lender we went for gave us a free legal and they really messed things up, in the end, we decided not to go ahead with that bank and it never got completed. We clearly communicated this to all the parties including the lender and their free legal team.

Now we went ahead with another lender and their conveyancer is saying there is a pending search by the previous lender's legal team which needs to be removed in order for this to go ahead, could you please explain what this is all about, and how do I go about clearing this search?

I don't want to go back to the previous lender's legal team as their slow and never respond and no proper communication channels. so if one of you can guide me to the right path in order to resolve this will be a great help.

user1977

If you're a buyer or a lender, you register what's called a priority search over the title before completion happens, which gives you a "clear run" at registering your deed without anybody else being able to register something unexpected which would prejudice your deed. So if there's a change of plan, either the first party needs to remove their search, or you twiddle your thumbs until the time limit on it expires.

SDLT_Geek

user1977 said:

If you're a buyer or a lender, you register what's called a priority search over the title before completion happens, which gives you a "clear run" at registering your deed without anybody else being able to register something unexpected which would prejudice your deed. So if there's a change of plan, either the first party needs to remove their search, or you twiddle your thumbs until the time limit on it expires.

That is right.  I understand the priority period is 30 working days.  If OP has an idea when the priority search might have been made, OP should be able to work out when it will expire.

TBG01

needs to be removed in order for this to go ahead,

At what stage are you?

The search alone wouldn't/shouldn't be holding anything other than the Land Registry application up. 

The search only last 30 days so if you're right back at the beginning it'll likely expire by then. If you're at the end and the Solicitor is ready to submit the application to the Land Registry, it'll likely expire by the time Land Registry pick up the application.

Sounds like you're stuck with another lender appointed conveyancing factory that don't know what they're doing.

Land_Registry

Many lenders have a strict process as to each stage of their secured lending and each mortgage product can have a different risk profile. 

Others have explained what an official search is and does so it’s protecting a charge by lender A. It will expire in time as mentioned but if lender B won’t proceed then it’s worth asking lender A to withdraw it. 

It’s not a massive issue but it can be a blocker so all about t8me scales and how quickly you want lender B to complete