As you may be aware because of Government legistrative changes in the Land Registry know as the Section 73 Registration of Deeds and Titles act, ,since 1st January 2007 Land Certificates will not issue.
Therefore without an original Land Certificate we cannot complete our original security requirements of a Verbal Deposit of title deeds as originally sought in our letter of sanction. I am sorry but this change was outside our control.
In the case of Staff we do have the option of registering the original Letter of Undertaking as a lien on the land Registry folio. However, the registration details must match exactly the original Letter of Undertaking, if differs in any way the Land Registry will reject.
At the time of your drawdown we accepted in good faith a letter of Undertaking from your solicitor in your name only and as we now understand that the property is being registered in your joint names the Land Registry will not allow the registration of this Undertaking. Accordingly, we are not in a position to cover the cost of putting this legal charge in place. I would trust that as your solicitor is still dealing with the title the costs should be minimum.
I would avise that it is now a requirement that in the case of top ups secured by Equitable Deposits or Registered Liens, Staff Business must upgrade the security to a Legal Charge. Therefore, in your case the new security will cover future top ups, if so required and minimise any further costs
Accountable Trust Receiptaccountant receipt
So it turns out the bank actually have no legal charge, and our solicitor has discovered that they never had the title deeds either.
We've gone sale agreed and are presuming this is gonna cause a delay.
All this after I contacted the bank a month ago to make sure everything was in order.
what's the chances of selling and successfully leaving the bank hanging... hypothetical of course?
I'd have to assume the solicitor who handled our purchase has the deeds. As far as we knew everything was in order, that solicitor is no longer in business though.
The piece under registry of deeds - failure to register runs the risk a later deed obtains priority etc. im livid with the bank,what's the chances of selling and successfully leaving the bank hanging... hypothetical of course?
Oh and I don't work in banking anymore, my wife works in finance though.
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