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Agreement states limited title guarantee but TR1 states full title guarantee
littlemiss19
Posts: 79 Forumite
Hi everyone,
Just received the report from our solicitor and the agreement for the property we plan to purchase mentions 'Limited Title Guarantee' However the TR1 states full title guarantee. I am hoping this is a typo error from our solicitor. But does anyone have any experience of this type of thing. Who prepares the TR1 and who prepares the agreement?
If it turns out that both documents need to be 'limited title guarantee' we are not sure what to do. The previous owner had full title but passed away and her son is the executor of the will and the vendor. I am worried if the lack of full title guarantee could expose us to some issues such as a second charge or covenants that were not picked up in the conveyancing. The property was purchased in 1972 and has been their family home since. The vendor has completed a document that states there is no mortgage. Should we insist they take out indemnity insurance to protect us? Or should we ask them to convert it to full title guarantee? Or is it nothing to worry about?
We've come so far - it's taken 4.5 months since we put the offer in. We are mentally exhausted and just want to move in, but obviously don't want any issues either.
Many thanks,
Littlemiss
Just received the report from our solicitor and the agreement for the property we plan to purchase mentions 'Limited Title Guarantee' However the TR1 states full title guarantee. I am hoping this is a typo error from our solicitor. But does anyone have any experience of this type of thing. Who prepares the TR1 and who prepares the agreement?
If it turns out that both documents need to be 'limited title guarantee' we are not sure what to do. The previous owner had full title but passed away and her son is the executor of the will and the vendor. I am worried if the lack of full title guarantee could expose us to some issues such as a second charge or covenants that were not picked up in the conveyancing. The property was purchased in 1972 and has been their family home since. The vendor has completed a document that states there is no mortgage. Should we insist they take out indemnity insurance to protect us? Or should we ask them to convert it to full title guarantee? Or is it nothing to worry about?
We've come so far - it's taken 4.5 months since we put the offer in. We are mentally exhausted and just want to move in, but obviously don't want any issues either.
Many thanks,
Littlemiss
0
Comments
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The seller's solicitor drafts the agreement/contract.
The buyer's solicitor drafts the transfer TR1.
The seller is selling as Executor as the owner has passed away. Under these circumstances, they have to sell under limited title guarantee as they do not live in the property and have limited knowledge about it.
If you have a copy of the title you can see if there are any charges on the property in the Charges Register if you're concerned. You can obtain a copy for £3 from the government HMLR website.
When you have completed your purchase, your solicitor will apply to HM Land Registry to register you as the owner with full title guarantee. They submit the TR1 to Land Registry, but they do not submit the agreement/contract.
Nothing to worry about.
1
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