A Bit Thick Lol

[welshsuzie]

hi everyone i am new here just need some legal advice i am buying a flat the people i am buying from own another flat in the property and a shop on the ground floor they took a loan out on the hole of the property before they decided to sell the flats off individually there bank will not release there deeds as yet and the owners want to take out an indemnity on the property help!!!!!!!! dont know what that means

[LimeLegal]

As you will be using the services of a solicitor you need to ask them exactly what form the indemnity will take ( policy etc) and the risks to you.

You can then decide on whether you want to proceed with this purchase.

The main risks are if you need to sell on or the indemnity is not sufficient for your mortgage company so much better taking specific advice on this matter than getting a variety of opinions on here.

[DLS Group]

Your solicitor who is carrying out the conveyancing on the property that you are purchasing will need to be made aware of all of the information. You should ask them to explain where you stand with the indemnity and ensure that it covers you enough should the building be repossessed by the loan company.

It may prove difficult for this sale to go through as the bank will have or should have registered their claim on the property with the land registry.

Richard Jones

[magma]

Originally Posted by LimeLegal

As you will be using the services of a solicitor you need to ask them exactly what form the indemnity will take ( policy etc) and the risks to you.

You can then decide on whether you want to proceed with this purchase.

The main risks are if you need to sell on or the indemnity is not sufficient for your mortgage company so much better taking specific advice on this matter than getting a variety of opinions on here.

Yes absolutely I am agreed with the above mentioned you must go with it.