Title Deeds of house were buying are lost what now?

jamminjamaica

hi there

went to our solicitor today to sign the contract for the sale of our house and the purchase of our new house. solicitor tells me today that the title deeds to the house we are buying were lost nearly 10 years ago.

how will this affect our purchase?

to top things off the person who is buying our house rang our EA to say if they are not in the house by the 27th of Oct that she is pulling of of the purchase.

pawpurrs

Evening, You can get Indemnity insurance to cover the loss of the deeds, this will cost approx £200, the vendors should pay for this, when you come to sell the indemenity inurance is transferable to the new owners, but as indemenity insurance is sold on the basis of price, you may have to top it up if the property has increased in price.
A lot of people make threats, but as long as you are honest with them, what the delay is about people generally wait (within reason), as its silly to start again if you are nearly there.
HTH

jamminjamaica

do you think this would delay completion of the purchase?

pawpurrs

It shouldnt do Jammin, do you know how long your current vendors have owned the property? If its under the 10 years then they should allready have the insurance in place, if not the cover is very easy to arrange. I have had to have it on the place that I am buying as there are some missing documents. Basically all it does is cover you if someone turns up with the deeds in their hands claiming that the property belongs to them. Money for old rope really! Good buisnes to be in that.
I am surprised your sol, didnt explain it all to you, rarther than just worrying you.

pawpurrs

It shouldnt do Jammin, do you know how long your current vendors have owned the property? If its under the 10 years then they should allready have the insurance in place, if not the cover is very easy to arrange. I have had to have it on the place that I am buying as there are some missing documents. Basically all it does is cover you if someone turns up with the deeds in their hands claiming that the property belongs to them. Money for old rope really! Good buisnes to be in that.
I am surprised your sol, didnt explain it all to you, rarther than just worrying you.

jamminjamaica

the people have been is the house about 7 years but the deeds were lost by the people before them. they were registered lost in 1994

mystic_trev

Hmmm you might have a problem. My parents we're in this situation and it held the sale up for weeks!

jamminjamaica

mystic_trev wrote:

Hmmm you might have a problem. My parents we're in this situation and it held the sale up for weeks!

i really hope not as my buyer will pull out on the 27th if we dont complete.

regularsaver1

Should not really be needed if property electronically registered with land registry

JennyW_2

jamminjamaica wrote:

i really hope not as my buyer will pull out on the 27th if we dont complete.

I cant believe that someone would threaten to pull out so late in the chain process. Talk about cutting your nose off to spite your face........

What's so desperately urgent that they HAVE to complete 27th October?

goldbyron

Obviously there may be a reason but I think this is just a threat. People often make threats as a way of trying to control the chain and because the whole process is so frustrating and stressful. But as pawpurs says it would be really silly as you are nearly there. A little bit of communication and perhaps an estimation of exchange may calm things down. Logically if they pull out they definitely won't be moved in before the 27/10 and therefore it does nothing to help anyone. Try to not worry about the threats and just ask your sol to explain to your buyers sol why there is a delay.

Also just noted this came through the EA and not their sol. Ea's are prone to extend the truth - I would want to hear this demand from their sol before I believed it.