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Possessory title need help
Jordanm1066
Posts: 2 Newbie
Hi
I have just been informed by my solicitor that the house I am purchasing has a possessory title and has done since Dec 2020. Apparently they can't find the original deeds.
My question is (apologises if its a repeated question, I've seen similar but I cannot find a satisfactory answer):
1) Should I even take this any further?
2) Should I expect to renegotiate the price due to this only coming to light midway through the process where I've now invested money/time?
3) Can I convert the loft into an additional bedroom and also build an extension conservatory on the land before I can claim absolute in 11.5 years from now?
If anybody could let me know it would be very much appreciated as I'm a first time buyer, this was completely expected and has knocked my confidence in the sellers
I have just been informed by my solicitor that the house I am purchasing has a possessory title and has done since Dec 2020. Apparently they can't find the original deeds.
My question is (apologises if its a repeated question, I've seen similar but I cannot find a satisfactory answer):
1) Should I even take this any further?
2) Should I expect to renegotiate the price due to this only coming to light midway through the process where I've now invested money/time?
3) Can I convert the loft into an additional bedroom and also build an extension conservatory on the land before I can claim absolute in 11.5 years from now?
If anybody could let me know it would be very much appreciated as I'm a first time buyer, this was completely expected and has knocked my confidence in the sellers
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Comments
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As long as the vendor pays for an Indemnity Insurance policy to protect you and your successors, and as long as your solicitor sees no other problems, all should be well. On completion, you become the owner and your purchase is then registered in the usual way. If you reach the 12th anniversary of December 2020 without any challenges to the title, you can apply to upgrade it to become Absolute. Until then your ownership is not absolute- but, for instance, you can of course ccupy the house (and you can convert the loft, and build the extension, provided that the II policy's issuer consents).
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