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Buying a property that is a Bank repossession and my solicitor has said there is a title defect
Im hoping some of you might help with an issue we currently have. We have sale agreed on our property and sale agreed on a property we are looking to buy. My solicitor has informed me of a "defect in title" on property we are hoping to purchase. The title is comprised in two Leases, the first consisting of most of the folio and the second comprising of a small strip of land.
They have advised that unfortunately, when the title was registered in the Land Registry, only the first Lease was noted as being the root of title. It may be that the mistake was made by Land Registry at the time of first registration. If so, Land Registry will remedy it. If not, then the title will have to be re-certified so that the folio can be amended.
As we are are obtaining a mortgage to assist with the purchase of the property, our solicitor is required to certify title to the Mortgage Lender, and our Solicitor would not be able to do this unless the folio was rectified.
To complicate matters we are purchasing a property that is a bank repossession, not through auction but a selling agent, and fear the solicitor selling the property for the bank might not be willing to help rectify and instead might put property up for auction.
I'm aware there is an expedited process to sort out such matters if all parties agree to do so, however our solicitor has advised this can only be done by banks solicitor?
Is anyone aware of banks still providing mortgages for such matters? Or can anyone suggest anyways to resolve this?
So in summary we are in a bit of a quaqmire.
Thank you all.
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