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Title Indemnity Insurance

  • 26-01-2018 7:57am
    #1
    Shoobs86
    Registered Users, Registered Users 2 Posts: 57 ✭✭


    Hey everyone, looking for some advice/experience. I'm buying a house and a small portion of one part of the garden has "Possessory title". I'm not all that worried about it, but I know that my solicitor would rather deal with anything else but this. I have read online that you can get indemnity insurance on this issue to satisfy the bank lender. Has anyone done this? Is it a thing? The title on the house itself is fine. Cheers.
    Tagged:


Comments

  • #2
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    KBC were happy to proceed on the basis of a revised valuation. Are you sure the bank need such insurance?


  • #3
    NUTLEY BOY
    Registered Users, Registered Users 2 Posts: 2,345 ✭✭✭NUTLEY BOY


    This note from the Law Society might be of interest
    Link https://www.lawsociety.ie/Solicitors/Practising/Practice-Notes/Insurance-company-bonds-in--relation-to-lost-documents-and-defects-on-title/#.Wmyd1nkZiUl

    I remember hearing of a product called defective title indemnity. That might be worth checking out for your own benefit in relation to the portion of the property that might be in doubt. The solicitor is probably and understandably feeling a bit uneasy about how to tidy up that potential defect in case of comeback to him and with a view to advising you properly.


  • #4
    Shoobs86
    Registered Users, Registered Users 2 Posts: 57 ✭✭Shoobs86


    Thanks, everyone. Personally, I'm not worried about the title issue, but the reaction of my solicitor felt like he really just couldn't be bothered with all the extra work. The seller is eager to sell, and I am eager to buy. SAMUEL, can I ask what you mean by revised valuation? As in reduce the price you paid for the house, or reduce the valuation of the property in terms of rebuild?


  • #5
    L1011
    Registered Users, Registered Users 2 Posts: 71,186 ✭✭✭✭L1011


    Reduce the valuation in terms of resale.


  • #6
    Shoobs86
    Registered Users, Registered Users 2 Posts: 57 ✭✭Shoobs86


    Thank you! I really appreciate all of your help :) Will let you know how it goes anyway.


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  • #7
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Shoobs86 wrote: »
    Thanks, everyone. Personally, I'm not worried about the title issue, but the reaction of my solicitor felt like he really just couldn't be bothered with all the extra work. The seller is eager to sell, and I am eager to buy. SAMUEL, can I ask what you mean by revised valuation? As in reduce the price you paid for the house, or reduce the valuation of the property in terms of rebuild?

    Reduced the price the valuer (from the bank) put on the house. In our case by about 3K.


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