C
Claverton
Guest
We put an offer on a new build roughly 6 months ago. The new development consists of three houses in a gated area. Previous to this the area was occupied by one larger house which was then obviously bought by the development company. Our "potential" property is on the right hand side of the land and behind this there is a public pathway. We were finally due to exchange contracts yesterday when an OS2 search came back showing that a small part of the house and garden falls outside of the title (approx 2m strip). After further investigation our solicitor has informed us that part of the land in the garden is actually owned by the council and the remainder (which covers a small part of the house) is actually un registered. This is obviously a huge oversight on the developer part and needless to say we did not exchange contracts yesterday. We are needing to move out of our current property as don’t want to loose our buyers and the developers of the new property have suggested we stay at the new house as a good will gesture (with formal tenancy agreement) until the situation is rectified. If the situation is not rectified to our satisfaction we can give notice on the tenancy agreement and call it a day. In the meantime the developers are going to try to by the small section of land owned by the council and also deal with the un registered section which may involve the purchase of indemnity insurance. This all seems very complicated and leaves us with several questions. What is the process when trying to claim un registered land? If this was not achievable and indemnity insurance was obtained, could this have possible implication on the resale of the house in the future? Should we be asking for a discount on the sale price? Maybe this whole situation is far too risky? Your thoughts and feedback would be much appreciated. Many Thanks.