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Posted Fri, 01 Mar 2024 11:07:40 GMT by Chrissie L
I am buying a large freehold building which will be mixed use, retail on part of the ground floor, with residential on the remainder of the building.  We would like to split the title for the retail units and create a new leasehold title (which I will then purchase with my SSAS pension).

My question - at what point is the new leasehold title deemed acitve, and recognised as a new entity? Is it once my solicitor has completed all the relevant paperwork and registered this with the Land Registry, or do we need to wait until the Land Registry has updated their database?
Posted Fri, 01 Mar 2024 11:19:53 GMT by Adam Hookway
Chrissie - the title is 'active' as you put it from the date of submission. Whether that's enough for 'next steps' will depend on who those next steps are with so if for example you need to then complete on a lease you may have to request expedition as the new tenant won;t complete until it's registered
I'd strongly recommend speaking to your conveyancer to confirm/clarify what's needed re timescales/proof in your specific scenario
Posted Fri, 01 Mar 2024 12:17:37 GMT by Chrissie L
Thanks so much for the swift response Adam.
May I ask, how long does the expedited service usually take?
Posted Fri, 01 Mar 2024 12:24:30 GMT by Adam Hookway
Chrissie - expedition generally means the application is considered within 10 working days of it being actually expedited. If it's a single application, and no prior ones impacting, then it can be processed much sooner.
But what expedition doesn't do is act as a magic switch as all the registration requirements still have to be met before a title can be registered. Those requirements may mean the applicant needs to provide more or we have to carry out wider checks to help try and prevent fraud etc.
So expedition gets you to the processing start line so to speak and then it's all about whether it can be finished quickly or not

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