Legal charge on a property

Sunny Dayz

Does anyone know if it is possible for two different financial institutions to each hold a legal charge over a property (residential).

If an average person has the address of the property - is there a way for them to find out who holds a charge over the property or does the person have to get a solicitor to check it out?

Procrastastudy

Sunny Dayz wrote: »

Does anyone know if it is possible for two different financial institutions to each hold a legal charge over a property (residential).

If an average person has the address of the property - is there a way for them to find out who holds a charge over the property or does the person have to get a solicitor to check it out?

I'm very shaky on this but yes I'm pretty sure there can be any number of charges etc or how would anyone ever re-mortgage (top-up etc.). Would you need to know if its registered or unregistered land or am I off on a tangent here?

Sunny Dayz

Thanks Procraststudy - it's a residential house.

Procrastastudy

Sunny Dayz wrote: »

Thanks Procraststudy - it's a residential house.

The land it's on would be registered or unregistered though. Most of Urban Dublin and some of Cork is unregistered. I could be giving you a bum steer here I hasten to add.

Sunny Dayz

Gosh I don't know which. It's in a housing estate in a small sized town.

Procrastastudy

You could try giving one of these a bell and hope they steer you in the right direction;

http://www.landregistry.ie/eng/Contact_Us/Contact_Details_for_Registries_Support_Units.html

Sunny Dayz

Thanks for your help!

van_beano

I wouldn't imagine that 2 Financial institutions could have a legal charge on a property. Considering the property would be collateral on a loan I doubt the Financial Institution would like to share the collateral with another institution. Top- up loans, I'd imagine, would be with the same Financial Institution as the original loan.

The Land Registry can give you all details you want pertaining to your property or anyone else's property. This is done for a fee, not sure how much it costs.

Judgements can also be registered against properties for unpaid debts, don't know how that works in relation to who gets paid first - Mortgage Institution or 3rd party loan Institution.

ResearchWill

van_beano wrote: »

I wouldn't imagine that 2 Financial institutions could have a legal charge on a property. Considering the property would be collateral on a loan I doubt the Financial Institution would like to share the collateral with another institution. Top- up loans, I'd imagine, would be with the same Financial Institution as the original loan.

The Land Registry can give you all details you want pertaining to your property or anyone else's property. This is done for a fee, not sure how much it costs.

Judgements can also be registered against properties for unpaid debts, don't know how that works in relation to who gets paid first - Mortgage Institution or 3rd party loan Institution.

It's normal to have multiple charges on a property. Say a property is worth one million. There is say a half million loan secured on property. Also say over draft of 100k is secured and a further loan for 150k is secured by another bank. Total is 750k so less than the value. If any bank wants to collect the building is sold first charge gets paid first then on down the list. It can be a problem in a falling market.

ezra_pound

Think registered land costs about 6 euro to check in land registry. Unregistered land is harder to find exactly what loans are registered on deeds but it would be on the registry of deeds. Don't know how much that search would cost. If it's registered land then I think you could do the search online.

ScouseMouse

Its entirely possible.

I have three charges on my house. Two different banks and one business supplier.

Not that its any use to them. The house in in negative equity of about 150k

valleyoftheunos

There could be any amount of charges to any amount of banks or otherwise. As pointed out above they are paid out in priority of time though so later one s won't be as secure.

Registered land is easily searched through Landdirect.ie. Unregistered is a little different but still fairly easy, you search by name and county over a 10 year period and if any charges have been created, and the charge registered, it wil be returned on the search. However with unregistered land a negative return (ie no results) isn't conclusive.

Both are €6.35 a search (I believe) and you don't need a Solicitor to do the search.

McCrack

The easiest and lazy way is to contact a law searcher and ask them to do a title search for you. It will probably cost about 50 euro but easier and less stressful ringing the nice helpful folk in the Land Registry.

dermot_sheehan

www.landdirect.ie if it is registered land (i.e. has a folio number).


Otherwise a trip to the registry of deeds on constitution hill would show the charges in a search.