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Buying With Possessry Title?


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Hi all

Caved in slightly to the missus and decided to buy. Not willing to get any old property, the one we have an offer in on needs a lot of work and is available at a 2003 price, if it falls through I am cool with that and will not put in an offer on something else, anyway...

The house is a deceased estate, they have lost the deeds. This means that they have been given a possessory title. Our solicitor tells me this is all ok and that they will need to take out an indemnity policy to counteract the risk. Does anyone have any experience of this? It all seems a bit strange to me but everyone I speak to tells me this is rare but nothing to worry about?!

I hand it over to the combined wisdom of the forum...

Thanks in advance.

DY

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Hi all

Caved in slightly to the missus and decided to buy. Not willing to get any old property, the one we have an offer in on needs a lot of work and is available at a 2003 price, if it falls through I am cool with that and will not put in an offer on something else, anyway...

The house is a deceased estate, they have lost the deeds. This means that they have been given a possessory title. Our solicitor tells me this is all ok and that they will need to take out an indemnity policy to counteract the risk. Does anyone have any experience of this? It all seems a bit strange to me but everyone I speak to tells me this is rare but nothing to worry about?!

I hand it over to the combined wisdom of the forum...

Thanks in advance.

DY

Provided that you (or is it the vendor?) take out the insurance that the solicitor is telling you about, it really is nothing to worry about.

tim

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