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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3840
Experience:  Solicitors 2 years plus PQE
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I am in the process of selling my business but lost the original

Customer Question

I am in the process of selling my business but lost the original lease documents. we have copies and they are registered in land registry. However the byers are worried it will be a problem if they want to sell in the future.
Submitted: 2 years ago.
Category: Law
Customer: replied 2 years ago.
Particularly with getting finance from commercial lenders.
Expert:  Alex J. replied 2 years ago.
Hi thank you for your question and welcome. My name is ***** ***** I will assist you. There are a few ways around this:1. In theory you sell the property with an implied full title guarantee- this should be enough comfort. If the Land Registry accept Registration of this then they shouldn't need any of the other lease documents;2. As an alternative solution if the buyer won't accept this then you can offer them a limited indemnity in relation to any losses arising from the lost documents. Do you have a solicitor acting for you that can draft this? I look forward to hearing from you. Kind regards AJ
Customer: replied 2 years ago.
Yes. I have. I just wanted another opinion. He said that as the leases were registered with land registry it should be OK . but the buyers are concerned about the bank refusing the loan without them
Expert:  Alex J. replied 2 years ago.
Hi thank you. If you have registered title and a full title guarantee there is no reason why a bank will not lend. The purpose of the Land Registration system is so that banks and individuals do not have to keep decades of old documents proving title. Can I assist any further? Kind regards AJ