• Absent Landlord On A Leasehold Property

    By Guest on 30th Jul 2015

    The house we are buying apparently has an absent landlord however the vendor and her neighbours have set up a Right to manage Company. Our solicitor says this is still defective title and that our mortgage lender wouldn't release the money on this basis - is this right? The vendor's solicitor believe everything is as it should be & the vendor would be happy to pay for indemnity insurance if need be - can this be done? Thank you

  • 2 Answers

    By Guest on 31/07/2015

    Your solicitor is right. The title is defective. The Right To Manage the Property does not necessarily ensures good management and it does not eliminate the consequences arising from landlord's sbsence.
    But, on the other hand, the suggestion by the vendor for an indemnity insurance is sensible and, probably, essential.
    In the end of the day you have to decide of how much risk you are willing to take and whether your mottgsgee will be satisfied for its security to realease the money to you.

  • By Guest on 31/07/2015

    Your solicitor is right. The title is defective. The Right To Manage the Property does not necessarily ensures good management and it does not eliminate the consequences arising from landlord's sbsence.
    But, on the other hand, the suggestion by the vendor for an indemnity insurance is sensible and, probably, essential.
    In the end of the day you have to decide of how much risk you are willing to take and whether your mottgsgee will be satisfied for its security to realease the money to you.

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