My solicitor has advised me that a plan needs to be prepared for the property I am selling. As this is an additional cost, can you explain why it is necessary?
When we are drafting a contract, most solicitors will consider whether it is necessary to identify your property by referring to a plan.
The buyer is also entitled to demand a plan at your expense if the description of your property and the title deeds are inadequate. His or her solicitor will decide if it is necessary when the contract is received.
Plans are most commonly used to identify boundaries when only part of your land is being sold. However, they can also be desirable in other situations, for example, when boundaries are not clearly marked on title deeds.
Usually, if the property being sold is recorded at the Land Registry and is located in a residential area, plans are not required. The contract will refer to the postal address and the title number instead.
If a plan is necessary, your solicitor will talk to you about employing a surveyor to prepare one to scale, as a hand drawn sketch is unlikely to be adequate. It will show the boundaries, the routes of the drains and any rights of way affecting the property.
I am buying a house that has been repossessed by a building society. I have been told that if I do not sign and exchange contracts within 21 days, it will be put back on the market. Is this likely to happen?
If you are not quite ready to exchange contracts when the 21-day deadline expires, your solicitor may be able to obtain an extension of one to two weeks. You will, however, need to show you are almost ready to sign and convince the building society that you are still the person in the best position to buy the property.
Lenders issue deadlines when selling houses that have been repossessed because they are under obligation to obtain the best possible price. If you are slow to exchange contracts and house values rise, then the building society could be exposed to action against it for not putting the house back on the market to achieve a higher price.