CASE STUDY: Our Perfect Title Policy protects our clients if their property's land value plummets, leading to unexpected costs
Posted by: Westcor International
Our lender client was protected under our Perfect Title Policy when the developed value of the land plummeted from over £260K, due to an unknown underground pipe, owned by the Water Authority.
CASE STUDY: Protecting our lenders against fraudulent borrowers
Posted by: Westcor International
What triggered the claim? The Lender was approached by Mr M for a short term loan to be secured as a second charge against the Property he jointly owned with his mother, Mrs Y. Once the loan was complete, Mrs Y would relinquish her interest in the property and Mr M would become the sole owner. Mr M was living at the property with his wife and Mrs Y and confirmed that they would be letting the property out and produced a tenancy agreement to reflect this. 6 months later, Mr M defaulted on the loan. The lender discovered that not only was Mr M still living at the property, but Mrs Y alleged that she had no idea why the property was no longer in her name, that she didn't know the solicitors who had acted on her behalf and that she did not understand the documents Mr M had asked her to sign.
Even the simplest of disputes can result in tens of thousands in compensation
Posted by: Westcor International
A neighbouring property owner had constructed a hardstanding and erected sheds which subsequently encroached on the Insured's access to the property.
What are the hidden risks for lenders post purchase?
Posted by: Westcor International
Whilst all land in England and Wales is required to be registered at HMLR, following any significant change in title, only around 85% of all land in England and Wales actually is.
Growth in a time of cuts
Posted by: Westcor International
With everyone's eyes focused on Brexit and its complexities, along with US President Donald Trump's decision to withdraw from the Paris Agreement, it is easy to overlook the fact that the renewables sector is booming.
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