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Registered Charge error in wording

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  • 10-08-2012 8:44pm
    #1
    Deek53
    Registered Users Posts: 2 ✭


    Has anyone else come across this problem. How did you resolve it?

    I am trying to buy a property from a bank. They had a charge on the property but they worded it in such a way that they do not have Title to the property.

    There are 4 other charges on the same property all OK but the wrong one is the first charge written by this Bank.

    Land registry will not let charges be taken off the deeds as this Bank has no title.

    This Bank has written all its charges with the same wording so there are thousands out there (my estimate) all mortgages written by this Bank from 2006 to 2009 approx.

    I am sure someone has found a solution

    Here is the wording on the deeds

    "Section 17 and 20 of the conveyancing Act 1881 shall not apply to this mortgage and the statutory power of sale and other powers are exercisable at any time after demand"

    This mortgage was written around the time the Mortgage act was changed by FF. The Bank should have written that the 1881 act did apply because the new act did not include any "Statutory Power to sell" an error in the new act not yet fixed.

    If we buy, Land Registry will not register our title. LR say this Bank needs to get a High Court Order to correct each Mortgage individually. Cost 15 - 20K

    Anyone any suggestions apart from walk away?


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    #2
    Marcusm
    Registered Users Posts: 10,322 ✭✭✭✭Marcusm


    Sounds like the bank doesn't have an interest in the property which it is capable of selling; presumably any contract you enter into with Them would constitute a promise to acquire the title and pass it onto you. Apart from anything else, that would require bespoke documentation which I would not rely on any standard conveyancing solicitor to draft or review. Get on your bike!


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    #3
    Deek53
    Registered Users Posts: 2 ✭Deek53


    Thanks I have already started looking for something else but its hard to walk when so much time has been spent already. I'll keep with it until I find an alternative, its harder than I thought as there seems to be a lot of not so well built houses out there looking for too much money.

    Other thing is there is an adjacent property same problem but their solicitor missed the prob so he has spent his money, the Bank has legged it, now he has no title and 40K spent finishing the house, and all the original charges sitting on his title deeds and land that does not belong to him.

    I don't know why the papers have not dug this up after recent different probs with same Bank.


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