deed of release + bank

irishh_bob

hi there

i hope to sell on a bit of property i recieved from a relative in the late nineties ( farmland ) and while my solicitor claims it will cost 450 euro to have a charge ( mortgage is long cleared btw ) removed against the property , i spoke to the land registry in dublin yesterday and the claim the fee is 25 quid or something and that i should be able to do it myself , they ( land registry ) suggested i contact the legal dept of bank of ireland and request a deed of release , i subsequently contacted my local bank of ireland branch but was told i cannot contact the legal section of the bank and that on top of that , i would have to get a solicitor to draw up a deed of release application and get him - her to send it to the bank , they ( bank ) also said it could take several weeks to have the deed of released issued

having been pleasantly surprised by what the land registry told me , i was disapointed to hear from the bank how long and drawn out the process is , could it be the case that the bank official was wrong , that i myself could apply for the deed of release and is their any way of ensuring that the deed is issued without delay

thanks

Kosseegan

It appears that the bank is not willing to draft the deed itself. The bank may also be unwilling to accept a draft from anyone other than a solicitor. All you can do is complain to the Financial Services Ombudsman if you think it s hould be otherwise. If your solicitor drafts the deed, he can of course be sued by either you or the bank or indeed some subsequent purchaser of the land in the future.

irishh_bob

Kosseegan wrote: »

It appears that the bank is not willing to draft the deed itself. The bank may also be unwilling to accept a draft from anyone other than a solicitor. All you can do is complain to the Financial Services Ombudsman if you think it s hould be otherwise. If your solicitor drafts the deed, he can of course be sued by either you or the bank or indeed some subsequent purchaser of the land in the future.

is it usual for a bank to refuse to draft the deed without 1st recieving an ( application ) from a solicitor , perhaps i should ask the manager of the bank , i know him reasonably well

ps , is it possible to sell a property which has a mortgage which is not yet free of any debit , i reiterate , their is no actual outstanding debt to be paid , merley a case of officially freeing it

Kosseegan

It would be usual that the bank would not draft the deed itself. Why would it take the risk when it can rely on a solicitor's insurance? The branch manager will be of little help. the legal and securities departments of the bank will tell him where to get off.
You will have to give good title to any purchaser. Any purchaser will insist that everything is clean as a whistle. No one will lend to your purchaser until all issues with the previous mortgage are cleared.

irishh_bob

Kosseegan wrote: »

It would be usual that the bank would not draft the deed itself. Why would it take the risk when it can rely on a solicitor's insurance? The branch manager will be of little help. the legal and securities departments of the bank will tell him where to get off.
You will have to give good title to any purchaser. Any purchaser will insist that everything is clean as a whistle. No one will lend to your purchaser until all issues with the previous mortgage are cleared.

surely its the bank who is the foremost authority on whether a person has debts

234

With a registered land system it is up to the registered owner of the land to ensure that the folio is up to date and accurate. If you have paid off your mortgage then the bank has no claim against you but it is up to you to ensure that the Land Registry is made aware of this.

irishh_bob

234 wrote: »

With a registered land system it is up to the registered owner of the land to ensure that the folio is up to date and accurate. If you have paid off your mortgage then the bank has no claim against you but it is up to you to ensure that the Land Registry is made aware of this.

yet i find myself reliant on the bank to ensure this is done , a very nice civil servant at the land registry has told me that the banks are terrible to deal with when it comes to getting deeds of release , one would think that once a loan on a property is paid off , the folio should automatically be wiped clean , so to speak

bath handle

When you borrow money, the lender makes the rules. You solicitor has given you a quote which presumably includes his time in drafting the deed and dealing with the bank and the land registry. You should be very wary of what you are told on the phone by civil servants. Some of them have no training or experience and can mislead you.

Kosseegan

irishh_bob wrote: »

surely its the bank who is the foremost authority on whether a person has debts

So what? There is a charge registered on the land. No other bank will lend a cent until that charge is gone and it can register itself with a first mortgage.

irishh_bob

Kosseegan wrote: »

So what? There is a charge registered on the land. No other bank will lend a cent until that charge is gone and it can register itself with a first mortgage.

fair enough but ive been given the impression that the bank has no incentive to issue a deed of release with any great eagerness , id like to know if thier is anyway a bank can be ( encouraged ) to prioritise such a release or at least hurry the hell up

Marcusm

irishh_bob wrote: »

fair enough but ive been given the impression that the bank has no incentive to issue a deed of release with any great eagerness , id like to know if thier is anyway a bank can be ( encouraged ) to prioritise such a release or at least hurry the hell up

Who borrowed the money, you or the relative? If it was you then the charge still exists because you didn't ensure it was released earlier. If it was your relative prior to the transfer to you, it would not surprise me if the bank refused entirely to deal with you until you could prove that the debt was settled and prove the transfer to you.

There are lots of policy, administrative and other reasons why they don't "automatically" disappear.

Kosseegan

What is the urgency? You have obviously done nothing about it for quite some time and now want it done in a rush. You could ask your solicitor to keep ringing the bank and causing grief until; the deed is released. Your solicitor will of course charge you for the extra time involved.
Are you about to close the sale tomorrow? If so why did you not go about settling the release when you decided to sell?

JD Dublin

Irishh Bob not sure if you got anywhere with this. I am helping out a friend of mine who is totally stressed out as his family home got a judgement against it & his missus is threatening him with all sorts if he doesn't sort things out.

He has paid Revenue off but now cannot get the Deed of Release for them to remove the judgement - he has no idea what a Deed of Release is and has no money ( certainly not 450 euros ) to pay a solicitor to type out a page which he in turn downloaded from the internet.

Can you help me help him?

channelsurfer2

sorry to bring up an old thread but was this ever sorted to your satisfaction? did you have to get a solicitor in the end? I am requesting one from a local authority but they say i have to get a solicitor to do it and the solicitor wants 350 euro plus outlay.

JD Dublin

channelsurfer2 wrote: »

sorry to bring up an old thread but was this ever sorted to your satisfaction? did you have to get a solicitor in the end? I am requesting one from a local authority but they say i have to get a solicitor to do it and the solicitor wants 350 euro plus outlay.

Just to add my tuppence worth, my pal went to a solicitor who didnt even want to quote for the work, just 'It'll be a few hundred, thats all I am prepared to commit to it could be 300, it could be 700.'

My contact is unemployed, he hardly has 3 Euros.

Kosseegan

JD Dublin wrote: »

Just to add my tuppence worth, my pal went to a solicitor who didnt even want to quote for the work, just 'It'll be a few hundred, thats all I am prepared to commit to it could be 300, it could be 700.'

My contact is unemployed, he hardly has 3 Euros.

I don't know any solicitor who would work for 3 euros.

JD Dublin

Kosseegan wrote: »

I don't know any solicitor who would work for 3 euros.

Neither do I. The point is he hasn't certainty in relation to the costs. If he knew the exact amount then he could make some sort of agreement to pay the solicitor off over time, whatever.

Another poster here has someone that will do this work for 350, so that's progress I think.

channelsurfer2

the 350 is probably an average price.

my dealings are with a local authority who suggested i should go through a solicitor to get the fee simple (ground rent) discharged and at the same time request the actual deed of discharge of the local authority loan. the fee simple form is freely available on a local authority website consisting of one page so I am going that route ie sending the form in directly to the council and take it from there.

they may i ask for solicitors details but unlike the banks they cannot insist on me going through a solicitor so i will let you know the outcome.

Lorraine_ie

Have you spoken to your local branch about this?

**Sorry just realised that you did in fact speak to your branch. I work in a bank and do releases like these all the time so i dont see why they wont do one up for you? If you want further info feel free to pm me