Dal1
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5 Posts
Hi
Me and my business partner seem to have hit a stumbling block in our purchase. Our current solicitor is insisting on a change to the boundary the sellers solicitor has tried to remedy this but cannot.
Are you able to offer some informal advice on this matter?
Have you come across Flying Freehold issues like this in the past? Please see below emails we received on Friday from our solicitor and the sellers.
From our solicitor.
Good Afternoon,
Unfortunately, we have reached an issue with the seller’s solicitor which will prevent this matter from proceeding.
The title plan for the property does not correctly show the full extent of the property. Part of the property extends over the passageway.
They have refused to rectify this at the Land Registry.
We cannot certify title to your lender, as part of the property will not be within their security. You or your lender would not get legal title to this land. This is a major issue.
The seller’s solicitor has advised they will be asking their client to remarket the property, as we will not accept this.
From the sellers.
We hold an indemnity policy for the flying freehold of the alley way and when we purchased the property this is what we were told we would need as the land registry do not change the deeds on this. So the policy covers us. Our buyers solicitors said they are adamant they want us to get land registry to change the deed on the alley way but we were advised by our solicitor that this cannot be done anymore and changed around 15 years ago and this is why indemnity policies were bought in to cover this. Our solicitor got advice from many legal experts who agreed with her that land registry do not change this now and the indemnity policy is enough to cover this. Even knowing this our solicitor still applied to land registry so she could show this to our buyers solicitors as an official reply. This was received back from the land registry today advising that they will not be able to action this request. Our solicitor sent this to our buyers solicitors to make them aware land registry cannot do it but we have an indemnity policy to settle this matter. They came back and were adamant we had to change this with land registry even after being told we cannot, our solicitor advised them of the advice she had been given by other professionals, land registry and even quoted the legals to them but they stood firm and told us they would advise our buyer to pull out. The whole of our property is owned by us, the buyers solicitors are suggesting otherwise. We have the indemnity policy and we have been able to have a mortgage on this property and many other properties in Nottingham have the same policy to cover the flying freeholds.
We were advised the buyers have pulled out and should put the property back on the market, which you have said is not the case?
The Flying Freehold forms a tiny part of the property and of that 50% is ours.
As you can imagine both myself and my business aren't happy with this situation and would like to find a solution as soon as possible.
Any help would be appreciated!
Kind regards,
Dal
