Hi All
I'm looking to buy a property which is likely to come with a "possessory title" as the long term owner had lost the original deeds, and there's no entry on the Land Registry, so they're having to have them reconstructed.
My plan for my our (my wife and I) future, is to use the equity on the house to help fund our early semi-retirement / retirement. We have no children, and no family as such to leave anything to, so we'd like to make the most of what we have, even up to 100% of the property.
When we're likely to want to look at home reversion, we'd only be in about year 7 of the possessory title, where I know you need 12 years of unchallenged time (on the property from other third parties) to be able to apply for absolute title.
So, my question is.... will a "lender" / "home reversion" company offer a lesser amount on a property with a 'possessory' title that one with an 'absolute' title?, and if so, would an indemnity policy help to reach the 'full' offer?
I hope someone can shed some light on this, as we've found this property, made and offer, and this has just come out of the woodwork.
Many thanks in advance
Glen & Debs