Was absolute title now possessory

[Guest]

Hi, we are four months into conveyancing and the sellers solicitor reveals that they will have to apply to the LR for a possessory title after the house was STC as absolute. Our solicitor is advising not to buy it but I'm not sure if possessory title is that bad that we have give up on the purchase, should we renegotiate the price? How much is it devalued by ? 10%? Or nothing at all ? If we buy it and decide to sell it a few years later, then is a possessory title going to devalue the sale?

The house is part of an inherited estate of three properties and probate has shown a direct line of ownership to the sellers on the other two properties but not ours. They can't find any evidence to show that the father of the deceased owners (brother and sister) of our house passed his ownership onto them. Those children left the house in their wills to two nephews and a niece who are selling it to us. Hence they cannot prove absolute title and now are selling it as possessory. There are no other living relatives so there's no other people to challenge the ownership in the future.

Any advice appreciated.

[atticus]

I advise listening carefully to your solicitor. Or accept the risk.

[Guest]

I advise listening carefully to your solicitor. Or accept the risk.

Not quite the response I was hoping for, more along the lines of those who have knowledge of such matters.

[atticus]

unlike your solicitor?

Will the sellers provide title indemnity insurance?

[des8]

If you wish to carry on with the purchase against your conveyancer's advice , I would suggest thaty as a bare minimum your sellers purchase Possessory title indemnity insurance. This will have to be through their solicitor.
The cover attaches to the property.

After 12 years you can upgrade to title absolute

[dslippy]

Possessory titles differ in quality. Some are almost convincing, others are a long way from convincing.

I would think that the difference in value would be rather more than 10%. A simple test is to ask what is the cost of the insurance.
When buying the task is to ask what it would like to sell. Many lenders would still refuse to lend on such a title even with insurance.

Take great care. Listen to your solicitor who very probably knows far far more than anyone else you might speak to, and has the advantage of seeing the quality of what is offered. Assessing that quality is almost exactly what he is paid to do.

[Guest]

Possessory titles differ in quality. Some are almost convincing, others are a long way from convincing.

I would think that the difference in value would be rather more than 10%. A simple test is to ask what is the cost of the insurance.
When buying the task is to ask what it would like to sell. Many lenders would still refuse to lend on such a title even with insurance.

Take great care. Listen to your solicitor who very probably knows far far more than anyone else you might speak to, and has the advantage of seeing the quality of what is offered. Assessing that quality is almost exactly what he is paid to do.

Thankyou for your response.

Unfortunately for me , my solicitor didn't give me the opportunity to listen to her advice on the option of a possessory title as she never proposed it. I have had to do my own research on what to do about the missing assent and applying to LR for possessory title. I get more help from the internet than my own solicitor!

[atticus]

Did you go for the lowest quote when selecting your conveyancer?

[Guest]

Did you go for the lowest quote when selecting your conveyancer?

Absolutely not, a well established local firm. But at £150 an hour I'm beginning to wish I did for the service I'm receiving.

[dslippy]

Someone else mucked up, not your solicitor. I would never touch a possessory title. This does not sound a good one (but I really do not know). The only one who knows, and is being paid fir hid advice, says don't touch it.
If you really think that it has less than ten percent effect on the value, then sadly you do not understand the difference between possessory and absolute title.

[Guest]

Someone else mucked up, not your solicitor. I would never touch a possessory title. This does not sound a good one (but I really do not know). The only one who knows, and is being paid fir hid advice, says don't touch it.
If you really think that it has less than ten percent effect on the value, then sadly you do not understand the difference between possessory and absolute title.

I have never said that I think it has less than ten per cent effect on value, I asked the question ??? Sadly, you didn't read the post correctly.

[atticus]

I suggest that you read dslippy posts again, and do so carefully. He knows what he is talking about, on the basis of many years' experience.

[dslippy]

"Our solicitor is advising not to buy it but I'm not sure if possessory title is that bad that we have give up on the purchase, should we renegotiate the price? How much is it devalued by ? 10%? Or nothing at all ? If we buy it and decide to sell it a few years later, then is a possessory title going to devalue the sale?"