Issue with title deeds - worried about purchase falling through

Charles808

Our solicitor has just sent us a letter to highlight an issue they have identified with the title deeds of the property we are about to purchase. Apparently in the Conveyance and Assignment section of the deeds, the property is 'conveyed' but not 'assigned' (essentially the word assigned is missing). The property is part leasehold and part freehold and is fully registered etc.

I always thought that assigned and conveyed is the same terminology. Is this not the case?

In the letter our solicitor has advised they will need to let our mortgage provider know about the missing word next week. They have recommended we take out an indemnity policy to satisfy the bank. We have no issue paying the £225 for the policy but we are worried we might have a problem obtaining the mortgage due to this.

Can any experts advise if this is a major issue and if the bank is likely to withdraw their mortgage offer?

Thanks,

Charles

bluebell2014

Commercial leases usually provide for the landlord's consent to be obtained before any assignment can take place. The need for the landlord's consent is not usual in long residential leases except perhaps in the last few years of the term, or in the case of high valued properties. In both cases, where consent is required, this must be obtained and will, in all likelihood, need both the sellers and the buyers involvement in order to obtain it.

cloo

It will certainly be a delay, but it needn't mean the end, I'd imagine.

We had a delay because the owners of the leasehold flat we were buying had extended the lease with the freeholder, but it hadn't been registered properly with the Land Registry, so we had to spend a couple of weeks getting that done.

Charles808

Thanks for the replies, I'll hopefully have an answer tomorrow as our existing house is about to complete and we don't have a plan B property!