Title Indeminty Insurance / Repossesion in Scotland

PPPingu

I've had a wee look through the forum, and not seen this asked before..

We are considering putting an offer on a repossessed property in Glasgow.
I have just spoken with our solicitor, who has informed me that as a result of the case Royal Bank of Scotland plc v John Patrick McCormack Wilson earlier this year, incorrect repossession procedures mean that some repossessions may be open to challenge by the original property owner.
He has told me that the seller (a mortgage company) would provide a 10 year title indemnity insurance policy, however my question is what would happen once this expires?
Is there a time limit to when the original owner could make a valid claim for ownership?
The main concern is the effect that this may have when we come to sell - I’d think twice about buying a property where an owner from the past might turn up looking to re-take ownership!
Also, the mortgage company will still have to approve this property as secure for lending, so that could be another hurdle…
This is a relatively new development, so anyone with relevant experience or advice would be much appreciated!
Thanks

nomoneytoday

Wouldn't the bank pay out £compo rather than give back the house?

PPPingu

a good question NMT - I simply dont know, and I guess that given the case was only decided this year, there has probably not been any precedent situations, where a prevoius owner has attempted to regain title of a property that has been sold on by bank...