I need help understanding what a 'loss lease' is?
The title deeds were lost for a property and the solicitor got around this by introducing a loos lease for the property. Can anyone tell me what a 'loss lease' is and how it works?
Are you sure it was not a Lost Deeds Indemnity or Insurance Policy - insuring against the possibility that the original Lease may have been lodged as security for a loan?
Well there certainly has been interaction with an insurance institution so I assume that has to do with what you're talking about. Is that insuring against liability for a loan it was used for? or even the original mortgage?
The solicitor has however said that there is a loss lease involved, but I don't know what that is.
Does 'lost lease' apply only if the property was leasehold? Presumably there is no such lease on a freehold property..or am I going off on the wrong track?
In most circumstances, Lease only applies to leasehold property. In most cases, if its a freehold property, there is no lease. So on a freehold property, if you lost your deeds, you probably would not have lost a Lease but a Freehold Conveyance.
In some unusual circumstances, you might, for instance, have a leasehold and freehold title running together on a property.