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Buying Property without Title Guarantee - what does this mean?
Terrysdelight
Posts: 1,202 Forumite
Hi
Anyone know how this situation can arise and what the risks are? Does it mean the property is not mortgageable?
Is this a problem that can be rectified?
Many thanks
Terri
Anyone know how this situation can arise and what the risks are? Does it mean the property is not mortgageable?
Is this a problem that can be rectified?
Many thanks
Terri
0
Comments
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This one keeps coming up.
The title guarantees given in transfers of land - normally "full" and sometimes "limited", but occasionally "no", only guarantee very obscure and unlikely things that don't have much to do with most people's purchases anyway, so not having one is not usually a major loss.
Should make no difference to mortgageability.
Most of things people are concerned about when buying are not "guaranteed" anyway - the rule is "Buyer Beware."
Title guarantee is not to be confused with the quality of the title itself - "absolute", "good leasehold", "possessory"....The differences there can be related to mortgageability but are generally curable with indemnity insurance.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
I'm trying to buy a repossession. The vendors won't give a title guarantee. My solicitor advised me that it would be nice to have but a mortgagee-in-possession won't ever give title guarantee. It hasn't had an impact on getting a mortgage. He did explain it in more detail but there were other more pressing issues that still haven't been resolved and in the intervening weeks I've forgotten what the explanation was, beyond not being something to worry about!0
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I'm trying to buy a repossession. The vendors won't give a title guarantee. My solicitor advised me that it would be nice to have but a mortgagee-in-possession won't ever give title guarantee. It hasn't had an impact on getting a mortgage. He did explain it in more detail but there were other more pressing issues that still haven't been resolved and in the intervening weeks I've forgotten what the explanation was, beyond not being something to worry about!
That's basically the same as me - its a repo! Thanks for all info - I'll stop panicking now
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