Land Registry Folio - Title

andy125

I took a look at a folio of a house we are interested in buying, Under part 2 Ownership its says Title - POSSESSORY FIAT 02-JAN-1959

But in the box it says the person is the full owner

In a previous folio on a different property i looked at it said Title - Absolute

Im just wondering what it means when it says possessory fiat

GM228

andy125 wrote: »

I took a look at a folio of a house we are interested in buying, Under part 2 Ownership its says Title - POSSESSORY FIAT 02-JAN-1959

But in the box it says the person is the full owner

In a previous folio on a different property i looked at it said Title - Absolute

Im just wondering what it means when it says possessory fiat

Possessory fiat = adverse possession.

andy125

Does that mean that the property can not be sold with possessory title until absolute title is registered?

NUTLEY BOY

andy125 wrote: »

Does that mean that the property can not be sold with possessory title until absolute title is registered?

The primary objective of a good and valid conveyance is to obtain clear title that is defensible against all comers.

If the vendor does not have good title then there has to a question as to how they can validly convey ownership to the putative purchaser. Equally, if there is another party with a potential legal interest in the title the same question arises.

This is precisely why the services of a solicitor are imperative in such transactions as these - even if it is only to advise the client, after searches on title and so on, to walk away...

Forbearance

In the rush to buy discounted distressed assets many vulture funds ( and indeed the solicitors acting for them ) have been found wanting in his regard. Litigants are discovering this with a simple trip to the PRA and a perousal of the instruments of transfer to these vulture funds. It appears that the courts require perfection of title as a requirement to issue a repossession order. If the said entities do not have perfection of title, the debtor can always raise the legal counter argument of jurisdiction and locus standi.

Graham

Forbearance wrote: »

In the rush to buy discounted distressed assets many vulture funds ( and indeed the solicitors acting for them ) have been found wanting in his regard.

When the OP said "a house we are interested in buying", I suspect that was in a personal capacity rather than as a representative of a 'vulture fund'.

Forbearance

Graham wrote: »

When the OP said "a house we are interested in buying", I suspect that was in a personal capacity rather than as a representative of a 'vulture fund'.

It does not make an iota of difference, the same rules apply in order to obtain perfection of title on conveyance.