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Registered Charge/Debt on Property - Should Solicitor spotted this earlier?
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sounds to me like the owner remortgaged and the new mortgage company forgot to remove the orginal mortgaeg charge. They've now had to reposses and have realised they forgot to remove this charge before and want the OP to complete and deal with this hassle.
I agree. But I would have expected the first mortgage lender to have records that show that their mortgage was paid off and not be difficult about removing a charge that they have no right to retain.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Well quite so but either way this should be the seller's problem to resolve, not the purchaser's. Correct?If you don't stand for something, you'll fall for anything0
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RobertoMoir Well quite so but either way this should be the seller's problem to resolve, not the purchaser's. Correct?
That's right.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Thanks everyone for replying. Yes the two charges are by two different banks. The 2nd bank being the bank thats repossessed. Its them selling it and them who say they wont remove the 1st charge, and that my friends solicitor should do this after completion.0
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I would write to the MD of the 2nd charge bank. Just a short letter that says (a) they have repossessed a property where their legal team failed to ensure that the previous mortgage lender released their charge on the property. and that (b) the solicitor handling the sale for them no refuses to get this charge removed. The upshot will be that they won't be able to sell the property to anyone at any price.
Then you just hope that the MD shouts at the right people and the problem is sorted.
Or you walk away now.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Are the 2nd mortgagees saying that the 1st mortgage lender's charge has been redeemed and it is still there because of a Land Registry glitsch or that it hasn't been paid off at all?
If the former then buyer's solicitors should ring up Land Registry and ask about it - there may be an electronic notification of discharge (END) sat waiting in the "day list" for an application to be made. Annoyingly the LR do not remove the entries until an application has been made even though they have the END. If they do have an END then the buyer can safely proceed because the charge will go when the application for registration of the buyer is submitted after completion.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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