• Purchasing Probate With Possessory Title. Mortgage Concerns + Discount?

    By Guest on 06th Nov 2020

    Hi All,

    I'm looking to purchase a probate where the deeds were lost and the son only has possessory title. I have done a lot of research and even my estate agent/solicitor are confused as to how to proceed. The seller is providing indemnity insurance for the full value

    my questions are:
    1) How much discount should I be requesting? I want to factor in the discount people will request when I sell it on in 5 years? I have heard figures from 3% through to 25%
    2) How many mortgage firms will reject future buyers? Indemnity insurance covers them, but in the case of a repossession, they will find it more difficult to sell on and get their money back.
    3) Will most buyers be put off this? Its slightly out of budget for your average cash buyer to be honest.

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