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Indemnity policy for rear yard?
Fresh
Posts: 1 Newbie
Hi all,
I have a problem in a property I'm about to buy. On the deeds the house is shown but the rear yard is not on the deeds. The present owner has maintained it for 6 years; the previous owner can't be traced. The estate agent who dealt with both sales said he would write a letter to my solicitor, to confirm the period the house was owned and yard maintained by both owners.
The present owner has renewed an existing Indemnity Policy for the rear yard should anyone want to lay claim on it. There are other terraced houses in the same situation either side.
I have been told by the agent this is common in the area, the valuation was undertaken with the property and yard as one. We only found out the yard was not registered after the valuation.
The present owner has been offered £2.000 less than what we have offered for the property by the next-door neighbour.
My concerns are should I renegotiate the purchase price? Is the Indemnity Policy worth its salt in gold?
Replies welcomed!
I have a problem in a property I'm about to buy. On the deeds the house is shown but the rear yard is not on the deeds. The present owner has maintained it for 6 years; the previous owner can't be traced. The estate agent who dealt with both sales said he would write a letter to my solicitor, to confirm the period the house was owned and yard maintained by both owners.
The present owner has renewed an existing Indemnity Policy for the rear yard should anyone want to lay claim on it. There are other terraced houses in the same situation either side.
I have been told by the agent this is common in the area, the valuation was undertaken with the property and yard as one. We only found out the yard was not registered after the valuation.
The present owner has been offered £2.000 less than what we have offered for the property by the next-door neighbour.
My concerns are should I renegotiate the purchase price? Is the Indemnity Policy worth its salt in gold?
Replies welcomed!
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