CASE STUDY: Our Perfect Title Policy protects our clients if their property's land value plummets, leading to unexpected costs
Posted by: Titlesolv
Our lender client was protected under our Perfect Title Policy when the developed value of the land plummeted from over £260K, due to an unknown underground pipe, owned by the Water Authority.
CASE STUDY: Protecting our lenders against fraudulent borrowers
Posted by: Titlesolv
What triggered the claim? The Lender was approached by Mr M for a short term loan to be secured as a second charge against the Property he jointly owned with his mother, Mrs Y. Once the loan was complete, Mrs Y would relinquish her interest in the property and Mr M would become the sole owner. Mr M was living at the property with his wife and Mrs Y and confirmed that they would be letting the property out and produced a tenancy agreement to reflect this. 6 months later, Mr M defaulted on the loan. The lender discovered that not only was Mr M still living at the property, but Mrs Y alleged that she had no idea why the property was no longer in her name, that she didn't know the solicitors who had acted on her behalf and that she did not understand the documents Mr M had asked her to sign.
What are the hidden risks for lenders post purchase?
Posted by: Titlesolv
Whilst all land in England and Wales is required to be registered at HMLR, following any significant change in title, only around 85% of all land in England and Wales actually is.
Title Indemnity - In Property Transactions
Posted by: Titlesolv
Property Transactions: How Title Indemnity has evolved in the Irish Market At some stage in their career working within property law, the solicitor will be faced with a situation where their client maybe challenged on the grounds of their right of title. The property can become an unacceptable proposition to the purchaser and lender alike, and chains collapse. Resolving such title problems can be expensive, time consuming and stressful. Title insurance protects owners from unexpected third party challenges against any defects in title which may affect an owner?s ability to use or develop the property. The cover provided by our title insurance enables land to be developed, mortgaged and used, notwithstanding a range of title defects; for example, restrictive covenants or defects in the legal access to land.
Don't let history repeat itself
Posted by: Titlesolv
Solicitors are likely to face a rise in claims against their professional indemnity (PI) cover as repossessions continue to rise warns titlesolv, a leading provider of legal indemnities...
Most Popular
Tags