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buying a repo house
macca1967
Posts: 1 Newbie
Hello forum,
i have offered on a repossessed house, this offer has been accepted. we were due to sign missivs this week. My solicitor has just found out that the house is affected by the RBS v Wilson case
(cant post a link cause i'm new
)
the bank are offering title imdemnity insurance based on the purchase price of the property. all articles i can find say will offer ‘adequate title indemnity insurance’. Does anyone else have experiance of this? What constitutes ‘adequate’?
The offer i currently have is twice the purchase price. the house is currently uninhabitable, if we buy it we will need to do alot of work to get it ready. The value will increase by about 50% therefore reducing the compensation aspect of the insurance.
Do i have any legal way of enforcing an increase of the value of the policy?
i have offered on a repossessed house, this offer has been accepted. we were due to sign missivs this week. My solicitor has just found out that the house is affected by the RBS v Wilson case
(cant post a link cause i'm new
)the bank are offering title imdemnity insurance based on the purchase price of the property. all articles i can find say will offer ‘adequate title indemnity insurance’. Does anyone else have experiance of this? What constitutes ‘adequate’?
The offer i currently have is twice the purchase price. the house is currently uninhabitable, if we buy it we will need to do alot of work to get it ready. The value will increase by about 50% therefore reducing the compensation aspect of the insurance.
Do i have any legal way of enforcing an increase of the value of the policy?
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