Leading Title Insurance

Property Developers

Insurance that keeps your development on track

Our range of policies can help you overcome known and unknown legal ownership issues, enabling your sites to be developed and sold on time.

Why choose First Title?As a residential or commercial property developer, the last thing you need is to have your build programme delayed by legal ownership issues or disagreements over party rights. Site acquisition can involve a number of different titles and can be a minefield of problems, most of which are expensive, time-consuming and stressful to resolve.

Our comprehensive range of policies can protect you against title issues and streamline your access to funding for the completion of your development or for any off-plan sales or pre-lets.

Cover can be arranged on a pre or post planning basis. Options include:

■ Known risks. Our policy will protect you, any lenders and subsequent owners, against risks identified during title due diligence.

■ Our Property Owners Protection Policy provides a good and marketable title guarantee. It also protects against defects and issues that would not fall within the scope of the due diligence report. This flexible policy is also often used by investors and funders as it can assist in raising leverage at the purchase stage, as well as facilitating a clean exit free of contingent liabilities, in the event of a sale. This flexible policy is also often used by investors and funders as it can assist in raising leverage at the purchase stage, as well as facilitating a clean exit free of contingent liabilities, in the event of a sale. For recoveries and receiverships, the policy offers peace of mind during an acquisition by replacing the lack of available reps and warranties. It can also be used when disposing of assets and can help to reduce price chip and speed up the sales process.

■ Specialist and bespoke cover for risks such as judicial review, rights of light, mines and minerals rights and many more.

■ Developers Policy. Available for pre-planning cover, a two-stage premium payment structure which recognises that the land value won’t enhance significantly until you obtain your planning permission. A reduced premium is payable at the outset, and the balance only paid when you have your planning permission, thus helping with your cashflow and reducing abortive costs if your project does not proceed.

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. First Title can provide the highest levels of underwriting capability in the UK. This allows us to consider your largest deals from the outset, without the need to co-insure. In the unfortunate event of a claim, you will benefit from only having to meet our requirements, rather than having to satisfy those of multiple insurers.

Our “cradle to grave” solutions are designed to assist you, whatever stage in the development you are at. What’s more, our team of expert underwriters are on hand to advise on the best possible solution, so as to keep your project on track and on cost.

Construction

Space in city centre locations is at a premium, leading to the construction of taller buildings in increasingly confined areas. This has inevitable consequences on adjoining properties, particularly their right to light. And if a third party tries to enforce their right to light through an injunction or ransom, you may not even be able to complete the development.

First Title has developed rights of light insurance in the UK to reflect this shift in the legal landscape. In particular, the use of private rights by third parties to influence land use or obtain financial settlements.

Our rights of light coverage insures you against loss caused because a development infringes upon someone else’s legal right to light. It covers all legal costs and expenses in defending you against such a claim, including the costs of any settlement and, if the worst happens, any reduction in value and specified abortive costs.

Selling

Once your development is complete, you will be keen to find a purchaser as quickly as possible. Our known risk title insurance policies cover your successors in title and lessees, so the purchaser and their lenders will automatically receive the benefit of our protection once the sale is complete. Our policy provides the peace of mind to enable transactions to progress smoothly.

We have a successful track record helping clients in all the following areas:

Obtaining Finance

Obtaining finance for a project can be difficult. Lenders need assurances that their investments are sound and that the proposed development will not be blighted by unforeseen problems, such as restrictive covenants or access issues. All our title insurance products either automatically provide cover for lenders, or can be adapted to cover the lender as well as the landowner.

Starting Work

Having successfully obtained planning permission, you want to get on site and start works as soon as possible. But there is a six-week window after the decision notice in which a judicial review challenge could still be launched, if it is alleged that the correct procedures were not followed, or the planning authority acted unreasonably or irrationally. Such action could cause a significant delay while the outcome of the judicial review is decided. If the action is successful, it will result in permission being quashed, potentially leaving you with significant abortive costs.

First Title’s judicial review cover allows you to start development on day one, safe in the knowledge that, if there is a judicial review challenge, you will be protected from the legal costs of defending the challenge, as well as any interest payments on the loan while the application is decided.

You are also covered for reduction in land value and for specified abortive costs if planning permission is quashed.

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.

Call: +44 (0)20 7160 8666 Email: comm.team@firsttitle.eu Visit: www.firsttitle.eu*Please refer to our website for further information.