Title Insurance

A significant percentage of properties bought and sold each year are subject to title defects/risks.

Title Insurance can provide protection for a wide range of title problems which can prejudice your client's ability to obtain a mortgage, including:

• Adverse possession
• Lack of rights of way and services
• Transfers at undervalue
• Lost title deeds
• Manorial rights
• Common land
• Rights of light
• Mines and minerals
• Outstanding leasehold interests and mortgages
• Possessory/qualified/good leasehold titles
• Rentcharge liabilities
• Judicial review
• Chancel repair
• Other restrictive covenants

Informing your property transaction clients about Title Insurance forms part of a comprehensive service offering - as it provides clients with the facts from which to make informed decisions. It can therefore also help reduce the risk of complaints and claims against you, where a transaction would otherwise have fallen through.

In cases where there are complex title issues at stake, a Title Insurance policy can assist resolve issues in a timely and cost-efficient manner.

Lockton can arrange policies for known risks, where a particular defect or issue has been identified in the due diligence process, or 'blanket' policies covering a range of potential unknown title issues.

Lockton can also arrange title insurance solutions to fit your client's requirements - from instant online quotations from our preferred partner, Titlesolv. Titlesolv online provides solicitors with instant quotes and immediate cover for search indemnities and known defect policies for both residential and commercial risks in less than three minutes.

Titlesolv online can also provide 'Top-Up' policies designed to supplement any existing indemnity policy (whether provided by titlesolv or another provider) to safeguard property owners and mortgage lenders against a shortfall in cover caused by increases in property prices.

Titlesolv offers a 20% discount for policies purchased on the same day for the same property and also offers inflation protection on the limit of indemnity.

Simplicity:

• No complicated agreement or exclusivity commitment - just a simple online registration providing instant access to quotes and immediate cover
• Fully web-enabled from registration to quotation to purchase to policy documentation
• Easy to understand 3-page policy.

Security:

• Comprehensive and secure policies underwritten by the major legal indemnity insurance carriers, including Zurich Insurance plc, Aviva Insurance Limited and First Title Insurance plc
• Access to extensive underwriting capacity for the largest risks
• Limits of indemnity available online through Titlesolv up to £5 million, one of the highest in the marketplace.

For more information or to arrange bespoke title insurance for your clients' needs, contact our Real Estate Team.