Qualifications on Title - Consequences

[Badran]

Basic question is if a bank is willing to accept qualifications on title, as included in certificate of title provided by the solicitor, and will still lend to purchase the property, what impacts might this have on the purchaser at a later date?

If the title is properly registered and all pre-existing liens/encumbrances/mortgages, etc. are removed, and then the purchaser's mortgage is registered, should the qualifications pose any risk to the purchaser at that point, i.e. can they be shown to be non-issues at later date?

Just trying to understand if the issue is largely arising before registration of title, as it has been suggested to me, or if there are other potential issues lurking.

It's in the context of purchase from a receiver. Main issue would be that although sole existing charge is to be removed no warranty is given that other charges will not present themselves before title is registered. None are pending,etc, but there's always the risk isn't there.

Thanks

 

[Vanilla]

Your solicitor can get a priority search, surely. Discuss with your solicitor- that's part of the service you are paying them for.

 

[dewdrop]

I feel it depends on the nature of the reservations. Problem could arise if a future lender would not accept same. My past experience was that when lending was "easy" lenders often accepted what would appear minor issues but when things got tight they would use it as an excuse to decline loan. Another issue is whether the matter is capable of being resolved and if so at what cost.

 

[Vanilla]

The OP is worried about one specific problem- the registration of charges against the property before she becomes the registered owner- this problem will die once they become the registered owner so future lenders etc does not apply.

 

[dewdrop]

Sorry i did not read OP carefully.

 

[Bronte]

Basic question is if a bank is willing to accept qualifications on title, as included in certificate of title provided by the solicitor, and will still lend to purchase the property, what impacts might this have on the purchaser at a later date?

Based on your previous post I thought your solicitor was not happy with the title, would not sign off on it and therefore the bank would not loan on it?

If a bank will lend, despite 'some' qualifications, than obviously those particular qualifications are minor, do not really affect the title and do not stop the bank having first call as mortgagor.