Possessory title on house
I've just been told by my solicitors that the house I am looking to buy will only come with Possessory title and not an Absolute title.
I have gone back immediately for more information and found out the Possessory title was registered with the Land Registry in November 2017, which is when I believe the current owner bought the house, and we think it was through probate after the death of the previous owner.
The solicitors have said I could apply for the title to be upgraded to an Absolute title in November 2029 (12 year period after first registration).
However, I am worried that:
1 - My mortgage lender will be spooked
2 - I'm buying with the risk of losing everything if some unknown claim turns up before November 2029
3 - It may somehow affect my ability to get house insurance(?)
4 - A hundred other possibilities and madnesses running through my head at the moment!
Has anyone experienced this before?
Edit: I'm in England. Selling my own house to fund the new one.