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…

Click on the link below to read the rest of the Shoosmiths briefing.

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