Plan ahead to avoid delays in property transactions
By Rachel Beard
Property transactions are frequently delayed because essential plans are not made available at the outset of a transaction.
Why are plans so important?
- Pre-contract searches against a property can take weeks to arrive and so it is important that your lawyer applies for them early in any transaction. In order to do that, they need a clear plan showing the boundaries of the property that is being acquired or funded.
- Plans are used to identify rights that are granted and reserved over property, e.g. a right to park cars in allocated spaces.
- If a transaction needs to be registered at the Land Registry, that cannot be done without a Land Registry-compliant plan. Delays in registration mean a delay in acquiring legal title and risk losing priority to another’s interest…
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