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Land Registery Folio

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  • 20-02-2014 3:36pm
    #1
    cocoa123
    Banned (with Prison Access) Posts: 68 ✭✭


    Hi, I've got a Folio from Land Reg on the property I'm interested in. Just wanted to find out whom it belongs to and make an offer to sell. Now I see from the folio that there are three different judgement mortgages in the Burdens section on it. So, I do not understand what the situation of this property now and if this house can be bought at all.


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    #2
    murphaph
    Registered Users Posts: 19,022 ✭✭✭✭murphaph


    The judgement mortgages will need to be discharged if the property is sold, but nothing in principle prevents a property with judgement mortgages from being sold. The seller may feel differently of course!


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    #3
    The_Morrigan
    Registered Users Posts: 9,368 ✭✭✭The_Morrigan


    OP, legal advice cannot be given here, I'd advise you to contact a solr in relation to your query. They will have more knowledge, expertise and access to information in relation to this query.


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    #4
    cocoa123
    Banned (with Prison Access) Posts: 68 ✭✭cocoa123


    what does it mean "The seller may feel differently of course!" I'd like to find out if the owner actually has the right to sell it now. I've seen the sign for sale some time ago, now the sign has disappeared. But no records in property registry on any sale there and Land registry is still on the owner.

    Do not think it's seeking legal advise. Just trying to understand what does it mean for me.


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    #5
    The_Morrigan
    Registered Users Posts: 9,368 ✭✭✭The_Morrigan


    cocoa123 wrote: »
    what does it mean "The seller may feel differently of course!" I'd like to find out if the owner actually has the right to sell it now. I've seen the sign for sale some time ago, now the sign has disappeared. But no records in property registry on any sale there and Land registry is still on the owner.

    It means that the seller may be selling under duress, at the instruction of their bank.

    Nobody here is going to be able to give you this information, maybe you could drop a letter through the door of the sellers house asking them to contact you if the house is still for sale or if they are potentially putting it up for sale again.


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    #6
    Mrs OBumble
    Registered Users Posts: 25,957 ✭✭✭✭Mrs OBumble


    The_Morrigan wrote: »
    It means that the seller may be pretenting that s/he is selling under duress, at the instruction of their bank.

    Fixed that for ya.

    OP, you're right that the seller has to be alllowed to sell. But they also have to want to do so. These are two different variables.


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    #7
    cocoa123
    Banned (with Prison Access) Posts: 68 ✭✭cocoa123


    The_Morrigan wrote: »
    It means that the seller may be selling under duress, at the instruction of their bank.

    you could drop a letter through the door of the sellers house asking them to contact you if the house is still for sale or if they are potentially putting it up for sale again.
    Is it worth to contact the bank issued the mortgage?
    There is some trace of the bank in the folio "Charge for present and future advances repayable with interest. The governor and company of the bank is owner of this charge"


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    #8
    The_Morrigan
    Registered Users Posts: 9,368 ✭✭✭The_Morrigan


    cocoa123 wrote: »
    Is it worth to contact the bank issued the mortgage?
    There is some trace of the bank in the folio "Charge for present and future advances repayable with interest. The governor and company of the bank is owner of this charge"

    Not at all . They won't deal with you as you're not the mortgagor.


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    #9
    cocoa123
    Banned (with Prison Access) Posts: 68 ✭✭cocoa123


    The_Morrigan wrote: »
    maybe you could drop a letter through the door of the sellers house

    Nobody lives there, it's just uncompleted building. And I do not know where the owner's living at the moment. The address in the folio belongs to his business that is closed now. The business's building is on sale by some Real Estate agency. Have no clue how to approach the owner. However I've found out that judgment mortgages are registered on his architect and solicitor of the uncompleted house in question. May be I can contact them for the address?


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    #10
    The_Morrigan
    Registered Users Posts: 9,368 ✭✭✭The_Morrigan


    cocoa123 wrote: »
    Nobody lives there, it's just uncompleted building. And I do not know where the owner's living at the moment. The address in the folio belongs to his business that is closed now. The business's building is on sale by some Real Estate agency. Have no clue how to approach the owner. However I've found out that judgment mortgages are registered on his architect and solicitor of the uncompleted house in question. May be I can contact them for the address?

    That doesn't sound right. If there are multiple judgement mortgages against multiple people then there is more than one owner or the business has been dissolved and the creditors have gone after the directors.

    As previously advised, seek legal advice on how to approach this, sounds like a legal nightmare from what you've already posted.


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    #11
    An Ri rua
    Registered Users Posts: 4,500 ✭✭✭An Ri rua


    I worked for an oil distributor years ago who had a reputation of dealing fairly with customers but chasing bad debts to the death, where the offending party played dirty. They would go as far as to apply a charge onto a property (via the courts) meaning that if/when it was ever sold, they got paid their share first.

    It will make no difference to you as a buyer IMO. It merely means that someone else "part-owns" the value locked into the house and gets paid when you buy. I wouldn't be chasing up the bank. Chase the person authorised to sell it. And then buy it, if its your cup of tea.


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    #12
    The_Morrigan
    Registered Users Posts: 9,368 ✭✭✭The_Morrigan


    An Ri rua wrote: »
    I worked for an oil distributor years ago who had a reputation of dealing fairly with customers but chasing bad debts to the death, where the offending party played dirty. They would go as far as to apply a charge onto a property (via the courts) meaning that if/when it was ever sold, they got paid their share first.

    It will make no difference to you as a buyer IMO. It merely means that someone else "part-owns" the value locked into the house and gets paid when you buy. I wouldn't be chasing up the bank. Chase the person authorised to sell it. And then buy it, if its your cup of tea.

    I think the biggest impact a judgement mortgage has on a buyer is the potential for negotiations, if the seller has a judgement mortgage and outstanding debts to a bank there will be a reserve price to cover off both of these debts.

    Plus this instance sounds like a mess if the building is unfinished and the business that owns it has gone. It's hard enough to complete a sale when there is a designated EA and developer/seller, you don't need to add to the hardship.


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    #13
    Marcusm
    Registered Users Posts: 10,328 ✭✭✭✭Marcusm


    The_Morrigan wrote: »
    Not at all . They won't deal with you as you're not the mortgagee.

    The bank is the mortgagee.


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    #14
    The_Morrigan
    Registered Users Posts: 9,368 ✭✭✭The_Morrigan


    Marcusm wrote: »
    The bank is the mortgagee.

    Ha! you're right, I was usually on the other side of the table writing opinions. Auto pilot :o


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    #15
    cocoa123
    Banned (with Prison Access) Posts: 68 ✭✭cocoa123


    Well, I spoke yesterday with one of judgment mortgages owners that was actually this guy's solicitor. He said that the owner is in US now, has just ran away and left all this mess behind him. The solicitor believes that the bank has already taken the development site but not selling it yet. They might be have no enough resources right now to deal with all properties of this kind or just sitting on the fence and waiting for prices going up. He couldn't say how to approach the bank to clarify the situation with this site in the bank. Any ideas?


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    #16
    The_Morrigan
    Registered Users Posts: 9,368 ✭✭✭The_Morrigan


    cocoa123 wrote: »
    Well, I spoke yesterday with one of judgment mortgages owners that was actually this guy's solicitor. He said that the owner is in US now, has just ran away and left all this mess behind him. The solicitor believes that the bank has already taken the development site but not selling it yet. They might be have no enough resources right now to deal with all properties of this kind or just sitting on the fence and waiting for prices going up. He couldn't say how to approach the bank to clarify the situation with this site in the bank. Any ideas?

    Considering a solr already involved in the mess couldn't give you any advice on how to resolve it, how do you expect anyone here to be able to help?


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    #17
    cocoa123
    Banned (with Prison Access) Posts: 68 ✭✭cocoa123


    just trying thinking out of the box :))))


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    #18
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    A solicitor is already involved in the morass.
    We are not allowed offer legal advice.
    Accordingly- I am closing your thread.
    Seeking opinions is all well and good- but you have crossed the line over what is allowed and what we are not allowed in this forum- soliciting advice/ideas/opinions over the head of a solicitor- is asking for trouble.

    Regards,

    The_Conductor


This discussion has been closed.
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