Remortgage with Defective Title

foreversummer

Hi

Could any of you kind mortgage brokers give me some general advice on this please.

To cut a very long story short, I bought a house last year but part of the garden is registered to someone else. (My solicitor made a mistake with the conveyancing and did not pick it up - he is trying to sort it out, but that's another story).

If the matter is not resolved, will I have a problem when I wish to remortgage?

Many thanks.

Forversummer

foreversummer

May be I am posting on the wrong board.

Anyone any ideas?

Foreversummer

silvercar

If your buyer's solicitor picked it up could they take out insurance? They may ask you to pay but then presumably your solicitor would agree to pay.

Always the chance that the buyer's solicitor will not pick it up - just as yours didn't.

foreversummer

Hi silvercar.

I was thinking about remortgage really, not selling the property. Now our property is registered it is written all over the title document that we do not own some of the garden which we occupy.

I started to think that maybe lenders would not be happy to lend, based on the fact that if we defaulted they may not find it easy to sell.

We got a very good 2 year deal on our mortgage last year with no overhang, with the plan to remortgage again when it comes to an end. Obviously with interest rates higher we will be very keen to remortgage.

Are we likely to come up again problems?

Foreversummer

foreversummer

Sorry, forgot to mention - are you talking about Title Indemnity Insurance? I've tried to find out about this, but it looks rather complicated.

Would it be any use for us, or now that we know we have a problem would it be too late?

Foreversummer

silvercar

Don't think you can take out insurance when you already know there is a problem; not sure because you are really insuring against someone else turfing you off because they own it - an event that hasn't happened.

I'm waffling becuase I'm not sure. If "Richard Webster" is around on the house board he's a conveyancer and may know more.