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shoukd I be worried - indemnity insuarnce & land registry
rcboy
Posts: 4 Newbie
Any advice? I had a phone call from the EA this evening, the land next to the house that we are buying used for parking hasn't been registered. The Vendor was trying to register the land. Below is a copy of the email sent to the soliciters.
I received a phone call from the estate agents today. It seems that there have been some problems with the register of the land that the car parking is on. The estate agent informed me that a mistake had been made with the vendor’s solicitors and rather than the car parking being added the garden has been converted to an absolute title from a possessionary title. (I have looked at the land registry documents, attached, and it seems that the title of the garden is absolute!)
As a result the vendor is now prepared to offer the property with an indemnity for £60000 to cover the car parking land and has reduced the price of the property from £232500 to £230000. We are happy with this arrangement in principle however we do have a couple of concerns.
1) The vendor had stated that they had evidence of at least 12 years use of the land, and this was stated in previous convayencing. We would be keen to claim the possessionary title to this land once we complete and this would be important to allow us to do this. Have you seen any record?
2) If we sell the property at a later date is the indemnity transferable? If not would it have a negligible effect on the price of the property?
3) How easy is the process of claiming the land assuming that we have evidence of its use etc.? would we be able to undertake this work at the same time as purchasing?
4) Is it possible to obtain the documents sent to the land registry relating to the “mistake” to check the problem and to ensure that we aren’t likely to come up against problems in the future?
I received a phone call from the estate agents today. It seems that there have been some problems with the register of the land that the car parking is on. The estate agent informed me that a mistake had been made with the vendor’s solicitors and rather than the car parking being added the garden has been converted to an absolute title from a possessionary title. (I have looked at the land registry documents, attached, and it seems that the title of the garden is absolute!)
As a result the vendor is now prepared to offer the property with an indemnity for £60000 to cover the car parking land and has reduced the price of the property from £232500 to £230000. We are happy with this arrangement in principle however we do have a couple of concerns.
1) The vendor had stated that they had evidence of at least 12 years use of the land, and this was stated in previous convayencing. We would be keen to claim the possessionary title to this land once we complete and this would be important to allow us to do this. Have you seen any record?
2) If we sell the property at a later date is the indemnity transferable? If not would it have a negligible effect on the price of the property?
3) How easy is the process of claiming the land assuming that we have evidence of its use etc.? would we be able to undertake this work at the same time as purchasing?
4) Is it possible to obtain the documents sent to the land registry relating to the “mistake” to check the problem and to ensure that we aren’t likely to come up against problems in the future?
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