Product Focus: Mines and Minerals Exceptions Background The insured purchased a former dairy site and proposed to develop the land as student accommodation. Planning permission had been granted, however, concern had arisen because the title to the land was all subject to generic mines and minerals exceptions. This posed a risk and the insured approached First Title for a solution.
This would be of particular concern for the developers, as well as plot purchasers, as the following issues might arise, which could blight the land: •
an injunction being granted that prevents trespass into the mineral strata;
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substantial damages being paid where trespass has occurred;
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the owner of the mineral title not being able to exercise the rights and seeking significant compensation.
Challenge Where the entry on the title is generic, the risk is that a mineral owner may come forward during and / or after the development phase seeking to enforce their rights, and / or alleging trespass if the foundations of the new buildings interfere with the minerals strata beneath the land.
Solution Following full consideration of the risk, First Title was able to offer a bespoke policy to the insured, ensuring they would be indemnified in the event of a claim.
Call: +44 (0)207 160 8100 Email: info@firsttitle.co.uk Visit: www.firsttitle.co.uk 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 1268-0319