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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10606
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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Selling on a property (sale agreed with prospective buyer)

Customer Question

Selling on a property (sale agreed with prospective buyer) after purchasing the property in November 2014.
Land Registry are saying that they have only just received notification of my purchase and now likely to take 3 months to process. Risk now that the prospective buyer will pull out of deal because of delay.
Question: Is there any accepted legal guarantee that can be offered to enable sale to proceed which assures buyer of their legal entitlement of ownership until the Land Registry updates their records?
Submitted: 2 years ago.
Category: Property Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

I am Al and am happy to assist you with your enquiry.

Generally- if your property is registered at the Land Registry (ie it was registered when your Seller owned the property), it shouldn't take the Land Registry to register the Transfer, transferring the property to you, 3 months. There is a backlog with Land Registry but these are usually in respect of unregistered proeprties which are being registered for the first time.

Likewise, your Solicitor can ask the Land Registry to "expedite" your application. Most Solicitors have their own dedicated Land Registry team, and in the hope that your Solicitor has such a team, I would hope they would ask that your application be taken priority, bearing in mind the circumstances.

If the worst comes to the worst and your application is not completed by the time your Buyer is ready, it is not ideal, but the respective Solicitors can agree to complete with a condition put in the Contract that your title is to be registered and that the Buyer will be indemnified for any problem encountered with your registration. I must say this would all depend on how lenient your Buyers Solicitor is- some may agree to it, while the majority will insist on delaying completion until your registration has been completed.

The only other alternative, which should satisfy most Buyers Solicitors is that your Solicitor agrees to hold the Sale monies in his client acoc**t until your regstration has been completed. This will allow completion to take place but you would not be entitled to the net proceeds of sale until the registration has been completed. This of course would be no good to you if you have a related purchase.

Sorry I can't give you a magical solution, but hope I have assisted.

Kind Regards

Al

Expert:  Aston Lawyer replied 2 years ago.

Hi,

Can I assist you any further?

Kind Regards

Al