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Charge on Title Removed

  • 18-10-2013 9:10am
    #1
    Patrickof
    Registered Users, Registered Users 2 Posts: 669 ✭✭✭


    Strange situation here, we've just sold a property. During the contracts stage, the solicitor mentioned that he thought I had said there was a mortgage outstanding to be redeemed. Which there is.

    However, he told me that the bank has removed the charge on the title deeds back in early 2012. The property had been cross charged with another property (our home) which we sold last year. As part of the sale we had to make a "contribution" to the 2nd mortgage in order for the bank to release the deeds for our home that was sold at the time. We did that, but instead of removing the cross charge element, the bank removed the entire charge.

    So where does that leave us? I believe we now have (a) a property (with contracts for sale signed), and (b) an unsecured loan (a tracker on a good rate too!)

    I believe the solicitor can now execute the conveyance without any consent or otherwise from the bank.

    As its a tracker can we now do a deal? If the sale was contingent on the bank releasing title, then as the solicitor would've been obliged to redeem the mortgage, the bank needn't agree to a deal. But now the release isn't contingent on their say-so.

    Or is there still somewhere that links the mortgage to the property?

    Could the bank claim as its no longer secured on a property, its now a personal loan and should attract 8%+?

    Can we just continue paying it off as if nothing has happened? (And use the proceeds against our existing home mortgage, non-tracker standard mortgage)

    The bank has acknowledged that they removed the charge.

    Should I ask a 2nd solicitor? Our solicitor for the conveyance may have a responsibility to the bank as he is in possession of the deeds.


Comments

  • #2
    littlemac1980
    Registered Users, Registered Users 2 Posts: 1,073 ✭✭✭littlemac1980


    What has your solicitor said about your obligations?


  • #3
    Patrickof
    Registered Users, Registered Users 2 Posts: 669 ✭✭✭Patrickof


    This is why I feel I may require a 2nd solicitor, my solicitor has only said "I'm can only give you the information in relation to your title deeds, what you do with that information I cannot advise on".

    I know in a purchase scenario, the solicitor (even though the purchaser is their customer and pays them), they also have an obligation to the bank to ensure they deliver "good title" to them. I imagine the solicitor also made some undertaking when they requested the original title deeds.

    I have a call into a 2nd solicitor, should hear back later this morning.

    But I am curious to know what the implications may be from the good posters here?


  • #4
    munwin
    Registered Users Posts: 41 ✭munwin


    I bought a house with a seperate field on the opposite side of the road some years ago. About 2 years ago I decided to sell the house as I was offered a good price. The sale went ahead but instead of the solicitors transferring the house to the new owner he transferred the field. The buyers solicitor never noticed it either.I received the money at the time. The buyer even got a mortgage. Recently I decided to sell the field and the whole thing has raised its head. Despite it not been our fault, we have been asked to pay for to sort out the mess so nothing surprises me with solicitors.


  • #5
    littlemac1980
    Registered Users, Registered Users 2 Posts: 1,073 ✭✭✭littlemac1980


    Well I don't know - one would need to have all the details of each of the relevant transactions to offer any opinion, and most posters would likely see the giving of any specific opinion as a breach of the charter.

    You may get some general views from some posters - I'd expect falling within one of two general views.

    In the circumstances, speaking with another solicitor is probably a good way to proceed.


  • #6
    Patrickof
    Registered Users, Registered Users 2 Posts: 669 ✭✭✭Patrickof


    Update, the bank has just contacted my solicitor instructing him to return the title deeds immediately AND (specifically AND, not OR) they will register a caution on them.

    What the hell is a "caution"?

    Solicitor think this can kill the sale.....


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  • #7
    Bepolite
    Closed Accounts Posts: 2,737 ✭✭✭Bepolite


    Patrickof wrote: »
    Update, the bank has just contacted my solicitor instructing him to return the title deeds immediately AND (specifically AND, not OR) they will register a caution on them.

    What the hell is a "caution"?

    Solicitor think this can kill the sale.....

    Pretty much self explanatory, it essentially says 'you might want to look into this further something is potentially an issue (e.g. they have an interest of some description)'. Is the solicitor not explaining these things?

    EDIT - Ah yes I see why now. Get another solicitor on to it IMHO.


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