Lease Issue for first time buyer

Newby1_2

My partner and I are in the process of buying a house. The house is approx 100 years old and freehold. In the land registry documents there is an input that was made around 50 years ago saying that a lease agreement was set up from the then owners.

Neither my solicitors nor the seller’s solicitors can get hold of this agreement but my solicitors have recommended getting indemnity insurance that the sellers will pay that will cover us if anything happened.

I'm quite nervous about going ahead now even though we have mortgage / survey carried out etc. I realise that it's 50 years ago but in theory anyone could come and take ownership of that house providing they have the lease agreement. We have no idea what the agreement is and perhaps more importantly what about when we come to sell the house? Should I be asking for money off the house because of this? How much of a risk is this and does the indemnity insurance totally cover us like my solicitor keeps suggesting?

Any advice would be really appreciated.

Thank you.

silvercar

How much of a risk is this and does the indemnity insurance totally cover us like my solicitor keeps suggesting?

Ask your solicitor this question. If he gets it wrong he will be liable giving you a second security net.

roryk83

I'm a conveyancing solicitor. It is quite usual that documents such as leases that affect the property cannot be found.

If you proceed with the purchase you MUST obtain the indemnity insurance.


Chances are nobody will ever make a claim but there is the potential risk