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Mortgage contract
jkmoreton
Posts: 37 Forumite
Hi all, im just wondering if anyone can advise me on a part of my mortgage as im about to send over funds and sign ?
I have the contract for my purchase and im buying it off somebody who passed away last october so his son and daughter are selling it for him. My worry is this bit
"Limited title guarantee implies that the seller has the right to dispose of the property and also the restrictions imposed upon it.
I have noted the property is being sold by an executor and is such sold with limited title guarantee.
In giving this guarantee the seller confirms that they have not and as far as they are aware no one else has encumbered the property or granted any third party rights but this is cannot be guaranteed. It is therefore important that you check the property for any obvious rights being exercised over the property"
How do i check these third party rights or anybody encumbering the property whatever that means ? should i be worried about this ?
Many thanks for any help
I have the contract for my purchase and im buying it off somebody who passed away last october so his son and daughter are selling it for him. My worry is this bit
"Limited title guarantee implies that the seller has the right to dispose of the property and also the restrictions imposed upon it.
I have noted the property is being sold by an executor and is such sold with limited title guarantee.
In giving this guarantee the seller confirms that they have not and as far as they are aware no one else has encumbered the property or granted any third party rights but this is cannot be guaranteed. It is therefore important that you check the property for any obvious rights being exercised over the property"
How do i check these third party rights or anybody encumbering the property whatever that means ? should i be worried about this ?
Many thanks for any help
0
Comments
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Talk to your solicitor about this - that is what you pay them for.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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