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Mortgage offer and possessory title...
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MAFERGAL
Posts: 52 Forumite
Hi everyone, wondered if you can help. I got a letter from my solicitor today with regards to the land registry for the property I'm in the process of purchasing.
It says there are 2 title numbers, 1 has an Absolute Title and 1 has a Possessory Title. The PT relates to basically what is the driveway to the left of the property and a small strip of land behind it. The garage, it would appear is built over both parts, land that has PT and AT.
My solicitor has written back to the Vendors solicitors Re. the circumstances of the PT and an indemnity etc.
The one but that concerns me is that my solicitor obviously said they would have to inform my lender of this and the responses to their queries, which I totally understand. Is this likely to hinder my mortgage offer though or affect it? That is what I'm most worried about.
More info if it helps answer, the vendor has owned the property for 6 years, prior to that I believe it was owned for 40yrs+. I've researched the internet and think I understand what a PT is and that possibly the worse case scenario is that we apply for an AT in 6 years time.
Thank you
It says there are 2 title numbers, 1 has an Absolute Title and 1 has a Possessory Title. The PT relates to basically what is the driveway to the left of the property and a small strip of land behind it. The garage, it would appear is built over both parts, land that has PT and AT.
My solicitor has written back to the Vendors solicitors Re. the circumstances of the PT and an indemnity etc.
The one but that concerns me is that my solicitor obviously said they would have to inform my lender of this and the responses to their queries, which I totally understand. Is this likely to hinder my mortgage offer though or affect it? That is what I'm most worried about.
More info if it helps answer, the vendor has owned the property for 6 years, prior to that I believe it was owned for 40yrs+. I've researched the internet and think I understand what a PT is and that possibly the worse case scenario is that we apply for an AT in 6 years time.
Thank you
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Comments
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Anyone? :embarasse0
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Ok, is this a really difficult question or a really rare situation that no one has experience of to advise on? My IFA is on holiday until next week and I have no idea who else to ask, I tried my solicitor & she can't advise on the mortgage application. No answers is making me extremely worried for my 3rd mortgage application this year... :wall:0
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Thread restarted as https://forums.moneysavingexpert.com/discussion/4050209
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