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No title guarantee
Compo103
Posts: 11 Forumite
We have put in an offer for a small house, which has been reposessed by the mortgage company from its previous owner. Our solicitor advises that the mortgage company (following what the solicitor says is universal practise), will transfer the property with 'no title guarantee'. Our solicitor has tried to explain the implications, but I cannot understand how this would affect us in reality. The house is registered, so there is no doubt the mortgage company own it and can sell, and that there are no other effective outstanding mortgages etc. The only points our solicitor specifically mentioned are 'rights of way' (there are clearly none), and the address may be blacklisted for debt (I'm not clear how I might un-blacklist it). Can anyone explain any other practical issues that might affect us, if we proceed?
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Comments
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The title guarantee doesn't guarantee much at all in the vast majority of cases so it really isn't worth worrying about.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 -
Properties are not "blacklisted" in any way. Only the credit/debt in the names of the former inhabitants may show on a credit search on them.the address may be blacklisted for deb
Their debts will not show up on a search of your credit file at your new address.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Quote:
Originally Posted by Compo103
the address may be blacklisted for deb
Properties are not "blacklisted" in any way. Only the credit/debt in the names of the former inhabitants may show on a credit search on them.
Their debts will not show up on a search of your credit file at your new address.
Title guarantee has nothing whatever to do with the credit status of the seller or of any former mortgage borrower.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
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