Property Deeds Present But No Folio From Sellers

[GolwayGuy]

Hi

I am a first time buyer , our solicitor just informed us that the owners from whom we are buying the house have the Deeds in thier name but a search
has turned out that no folio numbers exsist for the them or previous owners.Essentially the land seems to be not registred. The house is on a new estate , and it seems the land was sold to somebody, who then sold the same and the present owners have the deeds nut no folio numbers exsist. Please advice is it okay to still buy the house ? Would I be able to have the Deeds registered once we buy the house ? Am I running a huge risk? My Solicitor is not very pro-active and we have already signed contracts and our bank has issues the mortgage checks. But our solicitor is not willing to close the same without the above information and even advices us to withdraw from the sale. Now me and my partner really love the house , pls can someone advice us so that we can take the right step- Pls Helpout !

 

[ClubMan]

Am I running a huge risk?

...

But our solicitor is not willing to close the same without the above information and even advices us to withdraw from the sale.

I think your question is answered by your solicitor's views as outlined above but I can only assume that s/he has also separately given professional legal opinion to you that it is inadvisable to proceed as things stand? It's ultimately your call but you really should be guided by your solicitor on such matters. In my non legal opinion you would be foolhardy to proceed as things stand.

 

[GolwayGuy]

well just found out that Folio number exsists but the current house owners are not registered ,it's on the old owners , is it advisable to get a undertaking from the sellers solicitor and close the same?

 

[ClubMan]

You really should be asking your own solicitor these questions and be guided by what s/he says. I don't understand what you mean about about your solicitor not being proactive but on the face of it s/he is doing the job properly.

 

[GolwayGuy]

Hi Thanks , here is her suggestion , we accept a legal undertaking from the Vendor's lawyer stating that they have a obligation to get the property registered and get a folio number, this should be acceptable for the Bank as well for the mortgage, we then need to make a declaration in court and a advert in newspaper for any objections or claims and then we can apply for first registry. I appologise for pushing this but I just need feedback from anybody who has faced similar problems or any person with some knowledge on the same just to learn from thier experiences

thanks to all

 

[ClubMan]

Hi Thanks , here is her suggestion , we accept a legal undertaking from the Vendor's lawyer stating that they have a obligation to get the property registered and get a folio number, this should be acceptable for the Bank as well for the mortgage

Did she outline both the pros and cons of this approach?

we then need to make a declaration in court and a advert in newspaper for any objections or claims and then we can apply for first registry.

Did she indicate how much this might all cost, what the likelyhood of "success" might be, what the best/worst case outcomes might be, how long it might take to regularise the situation etc.?

 

[GolwayGuy]

Hi Thanks Again

Yes she did , the average time to resolve is approx 1-3 years , it's good if we don't want to sell it in a hurry , it does not stop us from selling onwards either. Yes there are costs attached but it is acheivable , incase it fails , we can still sell as beneficiary owners but as I would not want anybody to suffer as we are , it would need to be avdertised as unregistered property , we want to buy , just keep the feedback commin in it helps us to understand the problem better -thanks to all