Exchanging before the lease extension has been registered with the land registry

awbery15

Hi, I need some advice… we were almost at the point of exchanging when my solicitor raised a query regarding the lease extension not being registered with the land registry. We have confirmation that the lease extension has been complete and the vendors solicitors have applied for the extension to be expedited. It’s now been 3 weeks with no updates and no one is apply to confirm how long the land register will take to register. 

What are the risks of exchanging prior to the lease extension being registered? The managing agent is L&Q. 

Thank you 

silvercar

@Land_Registry can give you an idea of time lines. From his previous postings, its something like a couple of weeks once its been expedited, depending on everything being in order. 

Your solicitor can tell you the risks and whether the mortgage lender will accept the mortgage being released prior to the lease extension being registered.

Land_Registry

silvercar said:

@Land_Registry can give you an idea of time lines. From his previous postings, its something like a couple of weeks once its been expedited, depending on everything being in order. 

Your solicitor can tell you the risks and whether the mortgage lender will accept the mortgage being released prior to the lease extension being registered.

Timescales are as silvercar so worth checking with the conveyancer to see if it's been processed yet and/or if a request for more information issued if not in order
The risks are the same as any other sale/purchase and as suggested the risk assessment often comes down to the mortgage lender first and then the conveyancer. If there was a lease extension but nobody registered it then the 'risk' exists and how big an impact that has will vary from mortgage product to lender to conveyancer. The experiences of others, in my own experience, has zero impact on that very specific position