Lexsure Knowledge Hub
Makes available the latest paragraphs for you to consider including in your Report on Title.
text for Report on Title:
ROT: Lack of Mortgagee Protection Clause (with Indemnity Insurance)
Change Date : 11/01/2024 | Word Count: 470 | Deployment Measure : 8/10
Rationale:
A useful draft paragraph of advice where a mortgage protection clause is missing in the lease. In this particular scenario their indemnity insurance is put forward as an option (where the lender will agree to it). That said the client needs to be made aware that insurance is not a fix and there may be issues when selling/refinancing the property.
It is common in a Lease to have a forfeiture provision (effectively where the landlord repossesses the property) on non-payment of rent or a breach of the covenant which there
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