Choosing a new house, selling your existing property, and buying a new one can be a fraught experience at times, but being aware of potential problems and how to fix them can make the process much smoother.
Do title issues matter?
Title issues can exist when it comes to buying property and cause delays to your transaction if not managed well. Ideally, you should have your property’s title in order before putting your property on the market, or at least as soon as possible once the process has started.
If any type of property issue is found, seek legal advice from an expert such as Parachute Law as soon as it is identified; in this way, the process of fixing the issue can be started as soon as possible.
What potential issues could arise?
Begin by checking your title as registered with HM Land Registry. This legal entry will confirm not only who owns the property but also any potential issues associated with the property, such as restrictions. Don’t panic if a Form LL restriction is found, as your solicitor can sometimes apply to have this removed.
A different problem can be that your land is unregistered. This is the case for a surprising 15% of land in the UK, so there is a chance it will apply. Your solicitor can assist you in applying for late registration; until then, your house sale will be on pause. Further information can be found on the government website
Another potential title issue is lost deeds. For properties registered with HM Land Registry, there is no need to panic, as all the information will be found there. If your property is unregistered and you cannot locate the deeds, you will need to approach your solicitor for assistance in gathering together sufficient information to rebuild your property title.
Lastly, an issue called restrictive covenants can present a problem. This is a set of restrictions with conditions, such as not being able to build an extension on your land without express permission from a neighbour. Again, seek legal advice before proceeding.