TP1 and mortgage charge simultaneously

[MoDo]

I've done my best to find the answer to this one. Both via Google and asking Ecology but can't get a clear answer. 

 

We're planning to build on land currently part of parents garden. They will gift the section of land to us and split the title/garden via TP1. 

 

Ordinarily we'd wait for the land to be in our name at the Land registry before applying for a mortgage. Then the mortgage lender can simply register a charge on the land which is in our names. 

 

Doing things this way however, could, it seems, take in excess of 6 months. Which we don't have. 

 

Could we instead submit the TP1 and have the same solicitor act for the lender (say Ecology) at the same time to register a charge and secure a mortgage? Or is a TP1 application not good enough for a lender to lend on? 

[Mr Punter]

When I sell completed properties it is done via a TP1.  I think this is the same for all developers.  This should not hold up the mortgage.

[MoDo]

Thanks, that's very helpful, I didn't think of that situation. Must be more common than I thought if developments are typically sold off like this. Just have to find a solicitor that actually understands what needs to be done. Presumably doing TP1 and mortgage charge together precludes a DIY Land registry application. 

[Canski]

10 months for my TP1 to go through and that was after I expedited it.

[MoDo]

9 hours ago, Canski said:

10 months for my TP1 to go through and that was after I expedited it.

Land registry claim 10 days if you expedite! 10 months is exactly the sort of delay we couldn't handle. Presume there was no mortgage involved in your case? 

[Canski]

3 minutes ago, MoDo said:

Presume there was no mortgage involved in your case? 

No and the the solicitor advised against complicating the matter by expediting it and ten days later took my advice. So 20 days 🙄

[MoDo]

Sorry is there a typo in your original message? You wrote it took 10 months - but did you mean 10 days!? That's not bad at all if correct. 

[Canski]

1 minute ago, MoDo said:

Sorry is there a typo in your original message? You wrote it took 10 months - but did you mean 10 days!? That's not bad at all if correct. 

Apologies I meant approx 9 months and 20 days and it still hadn't been transferred so I asked for it to be expedited and this took approximately 10 days.

[MoDo]

Thanks, that's helpful, I may submit the TP1 then myself and request for it to be expedited (with evidence).

[MoDo]

One more question please:

 

Filling out the TP1 - I found a covenant on here that fits with our situation perfectly - ie to protect my parents retained house and garden going forwards after we split off half. However I'm not sure if I've entered it in the correct box or in the correct format. Any one able to advise?

 

EDIT: Just to clarify - the covenant I'm referring to, is the one I've entered into 'Restrictive covenants by the transferor' - but need advice if this is the correct place for it and whether I need anything entered in addition in 'Definitions'?

 

Edited February 1, 2023 by MoDo
Omission