Specialist Residential Risks

Specialist
Residential Risks
Residential title insurance
from First Title
Title indemnity insurance to smooth the completion
of your residential transactions.
Call: +44 (0)141 413 8800
Email: scotinfo@firsttitle.eu
Visit: www.firsttitle.eu
*Please refer to our website for further information.
First Title Insurance plc is authorised by the Prudential
Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority. First Title
Insurance plc is registered in England under company number
01112603. Registered office: First Title Insurance plc, ECA Court,
24-26 South Park, Sevenoaks, Kent TN13 1DU.
Leading Title Insurance
Residential property transactions can
be fraught with risk. Uncertainties and
issues can unnerve buyers and sellers,
delay transactions, or even threaten
the viability of the deal.
First Title was among the first insurers to
offer legal indemnity insurance to property
sector clients throughout the UK and
Europe, including residential conveyancing
professionals.
Today, we work across all business sectors
involved in real estate transactions, including:
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Conveyancing Professionals
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Law Firms
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Residential / Commercial Developers
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Brokers
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Renewable Energy Firms
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Surveyors
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Accountants
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Commercial Estate Agents
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Property Investment Funds
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Lenders
With over 20 years’ experience in legal
indemnity insurance, there are very few
issues we haven’t faced. We have unparalleled
experience in not only understanding the
problem, but providing robust solutions.
We also have an enviable reputation for
introducing innovative products to meet the
ever-changing needs of the market.
With consistent A ratings* from the major
rating agencies and the security and financial
strength of our parent company First
American Financial Corporation behind us,
both you and your clients can be safe in the
knowledge that you are working with a solid
and dependable business partner.
Comprehensive
Residential Risk
Coverage
Our residential title indemnity insurance
provides a convenient and cost-effective
solution to residential property related issues,
enabling you to concentrate on other areas
of the transaction. It covers more than 50
separate known risks, ranging from common
problems such as access, lack of drainage/
services/water supply and lack of matrimonial
home affidavits through to less well known, but
equally as important risks as follows:
Local Authority
Consents
Lack of Title/
Dispossession
Our local authority consent cover provides
protection against the risk of the local
authority taking enforcement action because
alterations have been carried out without
building or listed building consents. Paperwork
may be missing or perhaps consent was never
obtained in the first place. This policy provides
a quick and effective solution and avoids the
need to contact the local authority, which can
often delay a transaction.
Sometimes an area of land occupied by the
seller will turn out not to be included in their
legal title. Trying to locate and negotiate
with the owner of the land to correct the
issue may be time-consuming and costly,
particularly if a ransom payment is demanded.
Our dispossession cover provides protection
when there is no intention to register the
land in question, insuring against the cost of
defending, settling or compensating if a third
party challenges the occupation of it. We
also offer lack of title cover when the land in
question is registered, but perhaps the Keeper
has excluded her indemnity/warranty.
Bankruptcy
Lender Cover
If a property is transferred at undervalue, or for
no consideration, and the transferor becomes
insolvent, the transaction can be reduced
under Section 34 of the Bankruptcy (Scotland)
Act 1985. Lenders are extremely cautious in
these circumstances and are often unwilling
to release funding until insurance is obtained.
Our Title Indemnity Policy reassures lenders
and ensures CML compliance, as it provides
protection against the cost of defending,
settling or compensating if there is a Section
34 challenge.
Limited Title
Guarantee or
Lack of Warrandice
The sale of a property by an administrator
or a heritable creditor can be challenging.
Often the seller will have limited knowledge
of the property, and be unwilling or unable to
provide purchasers with full title guarantees or
warrandice. This leaves purchasers exposed
to risks such as fraud, forgery, incapacity of
prior owners, and other unknown third party
challenges. Our limited title guarantee policy
can replace the missing title guarantees and
warranties, giving purchasers peace of mind
and avoiding last minute price negotiation.