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SolicitorRM
SolicitorRM, Solicitor
Category: Law
Satisfied Customers: 4829
Experience:  Director and Principal Solicitor. UK
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My partner and I have rented our home from his parents for

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Hi there. My partner and I have rented our home from his parents for 10 years and this year, they have gifted him the house with an undervalue of £100k. He has just signed the title deeds and his solicitor has now said we are unlikely to be able to sell the house because his parents haven't signed an insolvency agreement or indemnity insurance and are reluctant to. Is this right and is there anything we can do as we were hoping to sell up in two years and his solicitor has said a prospective buyer's lenders won't touch it with a bargepole? Very confused as to why this has only been mentioned just now. Thank you.
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: The title deeds have been signed, so house gifting will be completed this week.
JA: Where is the home located?
Customer: Worcester
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No, I think that's it.

Good morning, welcome to justanswer. I am a solicitor and in the process of reviewing your question now for you.

Customer: replied 13 days ago.
Thank you.

Thank you for your patience. Both are not compulsory, however where you do not have them yes the process of selling can be harder because people are aware that they have no protection in the event there is defective title or there has been breaches of any covenants. The seller's solicitor would normally ensure this and therefore where a parent is gifting they may overlook this. But again as a buyer or the person receiving the gift you would want to make sure the insurances are in place. You have a point, your conveyancer should have advised of this at the time of transfer. If I can clarify please do not hesitate to send me your follow up question. All the best.

Customer: replied 13 days ago.
Thank you for this, it's really helpful. And I will be in touch if I need further assistance. Best wishes.

You are welcome. Glad to have helped.

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