Defective title insurance would usually be needed when a title cannot be transferred to another party (i.e. a purchaser) because the title is missing or there could be third party rights or a right of way through the property. Defective title is a generic term and might cover a number of items depending on what is needed for each property, and it protects the holder from loss or damage to liens or defects in the title or actual ownership of the property.
The premiums will depend on the value of the property and the risks to be covered. They are paid for by the estate.
As well as defective title insurance, Finders International has a convenient ‘self-approval’ arrangement with Aviva so once the company has completed their report, they can apply for an obtain policies for you to consider. In many cases, a draft policy is forwarded along with Finders’ report.
Finders International is authorised and regulated by the Financial Conduct Authority (membership number 310772), and is the longest-standing provider of Aviva’s online policies.
Saida Abasheikh, Finders International’s property services manager, said: “We always recommend the missing beneficiary comfort policy as the bare minimum for the security and peace of mind of all estate administrators and executors.
“It is important to note than in most cases, we can only obtain missing beneficiary indemnity insurance policies where our company has either completed the full report or there has been independent verification of our existing research. The purpose of all the insurance policies we offer is to ensure that once an estate has been distributed to what is considered to be all the rightful heirs to an estate, those who have inherited will never be asked to repay all or part of the estate they have received any time in the future.”
To find out more about defective title insurance or any of the other products such as missing will insurance or the combined comfort and missing will insurance policy, please contact Saida Abasheikh at Finders International on 020 7490 4935 or email Saida.Abasheikh@findersinternational.co.uk