Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Might have to give back Mortgage as unable to close sale.

Options
  • 03-12-2012 8:12pm
    #1
    tommyh1977
    Registered Users Posts: 350 ✭✭


    Hi, hopefully someone here can help us as we are in desperation with worry. Basically my sol drew down our Local Authority Mortgage just under 3 weeks ago, however it looks like closing the sale is a good bit off as Judgement mortgages have been registered on property since we signed and exchanged contracts. We were unaware of these until funding had been drawn down. It looks like my solicitor will have to hand back funding if sale doesn't close within the next week, which is highly unlikely.


    What we want to know is if we hand back funds are we back to the start with the council or can we drawdown again when the judgements are removed? It's a receiver sale so he is locking horns with the judgement creditors, but doesn't think he'll get anywhere anytime soon.

    I also assume the mortgage has been accruing interest since drawdown?


Comments

  • Options
    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    tommyh1977 wrote: »

    I also assume the mortgage has been accruing interest since drawdown?

    yes it would be and returning it would potential cost you a settlement fee aswell.

    Im not versed on morgage drawdowns tbh but logic says you would have to go through the process again. I really dont know how or why your solictor would drawdown or was able to drawdown until everything had been checked froma conveyancing perspective.

    Sounds to me like your solicotor screwed up. If he did I wouldnt be accepting any costs against me and Id be making sure anything liable is paid by him/her. If they are refusing I think it would be prudent to get a new solicotiro and to bring this issue to the law society


Advertisement