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Lost deeds etc.
POORBUTHONEST
Posts: 32 Forumite
Hi all, I am buying a 1930's house and conveyancer say's that not only are the original Deeds lost, but the house has never been registered with the Land Registry! The owner is deceased and the property has pased to her family.
Does anyone know what happens in this case? Is it worth proceeding or will it be more trouble than it's worth? Can such matters be sorted out retrospectively?
Thanks for any advice.
Does anyone know what happens in this case? Is it worth proceeding or will it be more trouble than it's worth? Can such matters be sorted out retrospectively?
Thanks for any advice.
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Comments
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The seller's solicitor can sort out the registration of the deeds and take out some sort of insurance to cover the fact that the deeds were lost.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Yes
This is not unusual. However, you should expect the seller to fund the insurance and I would expect to pay a slightly lower price, as some people may be put off if you sell again in the next few years.If you've have not made a mistake, you've made nothing0 -
If the deeds are lost then they have to be registered as lost. What happens then is the title that can be granted is not Absolute, when you buy the place you will have Possessory title only.
After a preiod of 15 years (might be 12 little rusty on this one) you can apply for a change of title to Absolute.
The change of registration is a form usually filled out be a solicitor sent to the land registry.
You will have to declare to the mortgage company the title status and check that they will lend on Possessory only, some wont, some will (of top of my head HSBC used to be the easiest with this one).
You can insure a defective title, what it is is a policy that states if someone turns up with the deeds and can prove ownership (very rare, but still can happen, thats why the policies are there) then the insurer will pay out the sum assured. Premium usually based on sum assured.
From memory RSA do these policies however it used to be a pain getting anyone who knew what they were talking about.
If you are planning to stay there 15 years it is not likely to be a problem as you can sort it in that time.
Have the dees already been registered lost, you might be lucky this may have already happened some years back.
Incidentally all the above is based on knowledge from 10 years back so finer points may have changed.0
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