Hi Everybody,
We are looking to purchase a property but have been informed by the vendor's solicitor that the deeds are missing for the property. They have a letter from the bank and some kind of an indemnity policy (I think) which they are proposing to cover the problem.
Our solicitor is on the case but I was wondering if anybody here had any further information for me about what is involved in this scenario -
(a) What is involved in time and money to get a new set of deeds, is this even possible - reading some of the previous threads I was not sure it was.
(b) The indemnity policy that is being offered - will we have to pay anything on that in the future to keep it active or is it the responsiblity of the bank to always honour it?
(c) Would anybody consider this problem to be a deal breaker or is it fixable once the correct documentation / cover is provided by the vendor and the bank?
Apologies if the questions are vague but I have zero knowledge of the area and would like some background for when I discuss fully with our solictor - if only just to understand the wording!
We are looking to purchase a property but have been informed by the vendor's solicitor that the deeds are missing for the property. They have a letter from the bank and some kind of an indemnity policy (I think) which they are proposing to cover the problem.
Our solicitor is on the case but I was wondering if anybody here had any further information for me about what is involved in this scenario -
(a) What is involved in time and money to get a new set of deeds, is this even possible - reading some of the previous threads I was not sure it was.
(b) The indemnity policy that is being offered - will we have to pay anything on that in the future to keep it active or is it the responsiblity of the bank to always honour it?
(c) Would anybody consider this problem to be a deal breaker or is it fixable once the correct documentation / cover is provided by the vendor and the bank?
Apologies if the questions are vague but I have zero knowledge of the area and would like some background for when I discuss fully with our solictor - if only just to understand the wording!