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Property is unregistered, title deeds can not be located.
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Comments
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[QUOTE=dremario;64000428
Somehow I suspect that this option the estate agent is offering has hidden pitfalls as it is in their interest to complete the purchase asap. What do you think?[/QUOTE]
I think that you put it in writing to your solicitors, asking them that there would be no come back. That is what you pay your solicitors for, to legally advise you and to be your insurance, as they will have indemnity insurance.0 -
You will not have clear title to the property for the ten years following a title reconstruction.Thank you all for your replies. They have really helped me clarify the situation and the various terms.
I have managed to establish that the seller’s solicitors have already obtained the grant of probate on behalf of the seller, which is one of the problems sorted.
However, the bigger problem of finding the missing title deeds remains.
I spoke to the estate agent and they are telling me that even if the vendors could not locate the title deeds there is another option. The vendors can swear a declaration in front of solicitors that they could not find the deeds and the solicitors send the declaration to the Land registry. Once the property is registered this way I could go ahead with the purchase.
Somehow I suspect that this option the estate agent is offering has hidden pitfalls as it is in their interest to complete the purchase asap. What do you think?
You'll be offered indemnity insurance to cover the legal costs of a case if the "real" owners turn up.
Ask your surveyor how defective title would affect his valuation of the property and your saleability in the next ten years.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 -
kingstreet wrote: »You will not have clear title to the property for the ten years following a title reconstruction.
You'll be offered indemnity insurance to cover the legal costs of a case if the "real" owners turn up.
Ask your surveyor how defective title would affect his valuation of the property and your saleability in the next ten years.
Can you please elaborate further on what happens if I went ahead with the pruchase and a few years down the line the "real" owners turn up. Would I use the property? Would the indemnity insurace cover my loses?0 -
No. The insurance would cover your legal costs in defending a claim. It would not compensate you.
I suggest you speak to your solicitor and surveyor about purchasing a property with defective title.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 -
kingstreet wrote: »No. The insurance would cover your legal costs in defending a claim. It would not compensate you.
I suggest you speak to your solicitor and surveyor about purchasing a property with defective title.
Thank you for the advice.0
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