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Mortgage for a plot with possesory title
angelboy
Posts: 79 Forumite
I'm looking at a plot to build on but have been told by the 'owners' solicitor that they only have possesory title. I know I can get an indemnity insurance to protect me if at some point someone comes along with the title deeds and I guess if I stayed in the property for 12 years then the possesory title would be 'upgraded' to title absolute.
I was planning to build two and sell one so would this cause a problem getting funding for the new owners of the other property?
Do you know what would happen if I wanted to move within the 12 years. Would the land registry still continue to count the years towards the title absolute?
It would be a shame to let the land go as I've already spoken to the planners and they're happy with what I've suggested.
Any ideas?
I was planning to build two and sell one so would this cause a problem getting funding for the new owners of the other property?
Do you know what would happen if I wanted to move within the 12 years. Would the land registry still continue to count the years towards the title absolute?
It would be a shame to let the land go as I've already spoken to the planners and they're happy with what I've suggested.
Any ideas?
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