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Landlord not offering limited title guarantee
Newuser1987
Posts: 176 Forumite
This is quite a long story and I may not get everything put across.
Essentially we are selling my grandads property who is now deceased (I have been granted probate). It has a very low lease. We are selling with an extended lease of 99+ years.
We are at the final stages where the draft lease was agreed and the landlords were about to sign. (Buyer searches etc are all complete and they are ready). However on final inspection my solicitor noticed the Landlords solicitor did not change to Limited Title Guarantee. Their lastest correspondence they are refusing to add this in. We have gone back asking why etc and my solicitor has even questioned their right/capacity to sell as he doesn't understand why they wouldn't offer this.
We can not proceed with the sale unless:
the landlord offers Limited Title Guarantee.
Or
We offer no title guarantee to the buyer. Which may not be accepted as they are a mortgage buyer.
Not really sure what my question is really but why would a landlord not be willing to offer LTG? And is there a chance a mortgage buyer could buy a property with no title guarantee. Perhaps with indemnity insurance?
Essentially we are selling my grandads property who is now deceased (I have been granted probate). It has a very low lease. We are selling with an extended lease of 99+ years.
We are at the final stages where the draft lease was agreed and the landlords were about to sign. (Buyer searches etc are all complete and they are ready). However on final inspection my solicitor noticed the Landlords solicitor did not change to Limited Title Guarantee. Their lastest correspondence they are refusing to add this in. We have gone back asking why etc and my solicitor has even questioned their right/capacity to sell as he doesn't understand why they wouldn't offer this.
We can not proceed with the sale unless:
the landlord offers Limited Title Guarantee.
Or
We offer no title guarantee to the buyer. Which may not be accepted as they are a mortgage buyer.
Not really sure what my question is really but why would a landlord not be willing to offer LTG? And is there a chance a mortgage buyer could buy a property with no title guarantee. Perhaps with indemnity insurance?
0
Comments
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By Landlord you presumably mean Freeholder. The Freeholder is not selling anything so why would they offer any title guarantee? The Freeholder is granting a lease extension or a replacement lease either prior to, or at the point of sale of your lease to the buyers.
1 -
Selling or granting it doesn't really matter on the term. I would call it a sale given the 100k+ premium. The lease still needs to be registered with the land registry so a Freeholder should be able to offer limited title guarantee. It doesn't put onus on them other than them confirming that they have the right to grant the lease and offer a good title?0
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You've got a solicitor - what's their advice?0
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I put the options we currently have in my post. But there is a chance both might not be accepted which is why I'm panicking. Its the weekend so thought I'd see if anyone had a similar experience or can think of any other solutions.
The Landlords solicitor takes an average 3-5 days to respond so its just been stressful waiting everytime we respond to them!
Appreciate the responses.0
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