Possessory Title

muskoka

I'm aware of a very interesting and quite cheap property which has possessory title. I'm not too sure just how detrimental this would be? Assuming I purchased an indemnity insurance, am I 100% covered. What should I look for that is detrimental and would possessory title delay the purchase? Any light anyone can throw on this - I would really appreciate it. Thanks

Richard_Webster

Usually if you have indemnity insurance you should be OK.

If you want to go deeper it will depend a bit on the background and history and why it is possessory. If for instance, the same family has owned it for yaers and have some of the deeds to register the title but not all of them then it is only a technicality that it is possessory, and the likelihood of a challenge is very much reduced.

On the other hand if a stranger has squatted on it for 12+ years and has no knowledge of the true owners etc, whilst the adverse possession will defeat most claims by the "true" owners, there are some technical points they can take, so the risk is a little greater - but that is what the indemnity insurance is for.

I can't see any particular reason why having a possessory title would delay things any more than any other form of title.

muskoka

Thanks for your comments. From EA chat, it appears to have been in the same family for many years. I'll speak to Land Registry next week. Thanks again