More about possessory title. ...

desthemoaner

Apologies for banging on about this again. 

We're buying a property with possessory title. The history of the property is known: the previous occupier bought the bungalow and lived there for over 40 years, he died earlier this year and left the property to family. The deeds are lost,  the property has never been registered, the seller's solicitor applied to LR for adverse possession and the executrix,  who is the vendor, now has possessive title registered with the Land Registry.

Our solicitor has told us that the seller will provide us with possessory title indemnity insurance on completion:OK so far. But I'm still concerned because we are both in our 60s and by the time we can apply to register absolute title in 12 years, we'll both be in our late 70s. Its entirely feasible that in the meantime we may need to sell because of illness or care needs, even bereavement ( Heaven forfend) and I'm concerned that the property may be devalued by the title and difficult to sell except to cash buyers. 

I'm all set to ring the seller's EA on Monday and ask for a further reduction in price to reflect these concerns. However, I've just read on another thread the advice that someone in the same situation should ask the seller to pay for an independent valuation with the possessive title, which seems like a good move to me. Question is, how would we know that the valuation is independent? Would we not be better arranging a valuation ourselves?

Thanks in advance.

p00hsticks

desthemoaner said:

Question is, how would we know that the valuation is independent?

Ensure they use a RICS surveyor who has a duty to give an independent valuation ?

desthemoaner

p00hsticks said:

desthemoaner said:

Question is, how would we know that the valuation is independent?

Ensure they use a RICS surveyor who has a duty to give an independent valuation ?

Sounds good. ;0)

canaldumidi

Best to keepit all in one place:

https://forums.moneysavingexpert.com/discussion/6307322/adverse-possession-to-possessory-title-might-it-affect-a-future-borrower#latest

https://forums.moneysavingexpert.com/discussion/6308407/dilemma-due-to-possessory-title#latest

desthemoaner

canaldumidi said:

Best to keepit all in one place:

https://forums.moneysavingexpert.com/discussion/6307322/adverse-possession-to-possessory-title-might-it-affect-a-future-borrower#latest

https://forums.moneysavingexpert.com/discussion/6308407/dilemma-due-to-possessory-title#latest

Ahh...so THAT'S where it was hiding ;0)

desthemoaner

Pulled out of the purchase in the end.

Our surveys and estimates identified about 12 grand's worth of work, including a new oil boiler, reroofing of the garage, electrical upgrades and replacement of 15m of collapsing pitch fibre drains with PVC. The business of possessory title and the risk of losing money on the property before the 12 years was up tipped us over the edge and persuaded us to look elsewhere.

We've found another property, I've paid the three quid and the register confirms absolute title. So we've made an offer which has been accepted. ;0)