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    • loveka
    • By loveka 16th May 17, 7:11 PM
    • 299Posts
    • 305Thanks
    loveka
    Santander and access indemnity policy help please
    • #1
    • 16th May 17, 7:11 PM
    Santander and access indemnity policy help please 16th May 17 at 7:11 PM
    We are right at the end of the selling process. Buyer has had survey, got her mortgage approved, everything is ready.

    Last week our buyers solicitor raised the fact that our house is on a lane (which runs at right angles and behind an adopted road)for which there is no record of ownership. There are 11 houses on this lane, built 130 years ago.

    When we bought 18 years ago this wasn't raised as an issue. It shows as a right of way on the deeds. Crucially the right of way does not extend all the way to the road where it joins the lane. All the houses deeds show the same thing exactly. 10 of the houses have been bought and sold, all with mortgages, while we have lived here.

    Our buyers solicitor has contacted her mortgage provider to ask if they will still lend if we buy an indemnity policy. The solicitor has said it is now up to Santander to decide.

    Our current mortgage is with Santander, but they are unaware of this issue as we have never had it flagged up.

    I am really stressed about this, we now have to wait 5 working days for their answer.

    In your experience, do they lend in circumstances like this? Thanks so much if you can help.
Page 1
    • stator
    • By stator 16th May 17, 7:53 PM
    • 5,526 Posts
    • 3,516 Thanks
    stator
    • #2
    • 16th May 17, 7:53 PM
    • #2
    • 16th May 17, 7:53 PM
    Yes, an indemnity policy is usually sufficient
    Changing the world, one sarcastic comment at a time.
    • loveka
    • By loveka 17th May 17, 3:12 PM
    • 299 Posts
    • 305 Thanks
    loveka
    • #3
    • 17th May 17, 3:12 PM
    • #3
    • 17th May 17, 3:12 PM
    Has anyone ever had experience of how Santander react to this type of thing? Thanks.
    • davidmcn
    • By davidmcn 17th May 17, 3:36 PM
    • 5,146 Posts
    • 4,796 Thanks
    davidmcn
    • #4
    • 17th May 17, 3:36 PM
    • #4
    • 17th May 17, 3:36 PM
    According to the CML Handbook the solicitors don't even need to ask Santander, so I'm not sure why they are bothering:

    https://www.cml.org.uk/lenders-handbook/englandandwales/santander-uk-plc/#C8780
    • Thrugelmir
    • By Thrugelmir 17th May 17, 7:00 PM
    • 53,421 Posts
    • 46,042 Thanks
    Thrugelmir
    • #5
    • 17th May 17, 7:00 PM
    • #5
    • 17th May 17, 7:00 PM
    This piece of land is known as a ransom strip. Should someone acquire it. Then the value of your property could potentially fall. Therein lies the issue. Not the solicitors decision to make.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • loveka
    • By loveka 18th May 17, 10:23 AM
    • 299 Posts
    • 305 Thanks
    loveka
    • #6
    • 18th May 17, 10:23 AM
    • #6
    • 18th May 17, 10:23 AM
    Thanks so much for the Santander link. It really helped me, really grateful.
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