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Buying the house we rent with no deeds and not registered
Far_and_few
Posts: 6 Forumite
Well here we are in quite a pickle. Our landlord has agreed to sell us the house we are renting and living in. We were ready to buy 4 months ago but landlord can't find deeds and house, it now appears, is not registered. It has taken this long for his solicitor to get no where with banks who held the deeds, claiming to have passed to third party who say not, etc etc. Meanwhile we continue to pay (reduced) rent. Seller bought it in the 80's/90's with a mortgage and lived in it. He is likely to start the process of applying for title from Land Registry. He lives abroad. What is our position? Should we continue to pay rent? Can we get a reduction on the cost of the house and any idea what percent it would be reasonable to ask? We understand the 12 year rule on Possessory title - Full Title. Many thanks in advance.
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Comments
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Should we continue to pay rent?
Well you don't own it yet, so if you want to keep living there I'd imagine you'll need to pay rent!0 -
Why would you expect a reduction in the price? It's not unusual for house sales to take a lot longer than planned for a variety of reasons.All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.0 -
You remain tenants and therefore liable for tour contractual rent.
Potential buyers doesn't mean anything. Until the keys are in your hands and the sale/purchase is complete you remain owing full rent.0 -
In this case it could take over 12 years before the OP has full title to the property, which is quite a long time!Why would you expect a reduction in the price? It's not unusual for house sales to take a lot longer than planned for a variety of reasons.
It's normal for houses with only a possessory title to be worth less than equivalents without this glitch over lost documentation; the question is, how much less?
I would suggest that the quality of this title could be reasonably good if only the landlord lived there before you, but that's really for your solicitor to determine. Once that's established, he/she ought to be able to suggest an amount to reduce by. Casual reading suggests this could be around 20%-30%. Properties with other kinds of restrictions on their title face that level of reduction0 -
You are in a very fortunate position.
For reasons which are unclear, the landlord has agreed to accept a reduced rent from you.
The longer this continues, the more savings you will be able to set aside!0 -
If the deeds were held by Bradford & Bingley, they had a fire that destroyed some 67,000 records held in a Birmingham warehouse back in 1998. If that is the case, then B&B should have measures in place to help the LL.Any language construct that forces such insanity in this case should be abandoned without regrets. –
Erik Aronesty, 2014
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.0 -
Your solicitor will not allow you to buy the house until it is confirmed that the seller owns it. There is a scam where someone who lives abroad sells a house that doesn't belong to them and the money is transferred out of the country.
Your solicitor will need proof that your seller owns this house and is not a tenant himself who is renting it to you.0 -
Thank you. LL rented out for many years but the property was for sale and empty for the two years before we moved in.0
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Well kinda. We instructed our solicitor beginning of April after selling our family home (which we were letting out) ready to buy so we are losing all the rent for that every month. Also at present there is no proof he owns it yet he receives rent.0
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Do you have to buy this particular house?
There are plenty more on the market with a lot less risk.0
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