Ulster bank want to return title deeds pack.

R

_ripped_off

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Hi there,
I received a letter from ulster bank on Friday. Picture attached.
We switched our mortgage from UB to Avant in July 2022.
Why would UB have held the deeds for this long surely Avant should have had them before allowing us to draw down the mortgage.
Am I missing something here, or has our solicitor missed an important part of the process?
Thanks.
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Do you still have a mortgage secured on the property? If so then the current lender would normally hold onto the deeds for security although their main security may be the charge noted on the folio itself?
 
Was that a switch you made yourself or was it one Ulster instigated as part of their exit from Ireland?

Secondly, is your mortgage with Avant now fully paid?
 
It was a switch we did ourselves not instigated by ulster bank.
No the mortgage with Avant has 4 years remaining at a fixed rate and 20+ years on the overall term.
 
_ripped_off said:
It was a switch we did ourselves not instigated by ulster bank.
No the mortgage with Avant has 4 years remaining at a fixed rate and 20+ years on the overall term.
Click to expand...
Ok, so the first question should therefore be to Avant and simply ask them, have you got our deeds.?

If they have, then this is a SNAFU from Ulster, a generic letter sent out because your mortgage is showing up as redeemed on their books.

If not, then you need to get the deeds from Ulster to Avant, either directly or via yourself. In my case, it took Ulster around 2 weeks to send out the deeds to me after I'd paid my mortgage off.
 
So UB want to send the deeds back to you? Grand I’d just say yes and take them.

Avant should have asked for them but they didn’t.
 
What is the procedure when switching?

Your solicitor requests the deeds from Ulster Bank.
Your solicitor gives an undertaking to Avant that they will send them on the deeds when the new mortgage is registered.
Avant sends your solicitor the money
Your solicitor sends the deeds to Avant.

So it seems unlikely that Ulster has them.
But check with your solicitor first just in case they sent them back to Ulster Bank.
I would guess that your solicitor has a receipt from Avant.
 
Ah, could the deeds be redundant if it's a Registry of Title?

So your solicitor registered the title, and Avant is happy.

Brendan
 
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Brendan Burgess said:
Ah, could the deeds be redundant if it's a Registry of Title?
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I suspect this. If the property has been registered with the PRAI and the mortgage is registered there, possession of the title deeds no longer means what it used to mean in the past, and Avant may simply not want the trouble and expense of storing and tracking a bunch of formerly-important-but-not-so-much-nowadays documents. So they never asked for them at the time they granted their mortgage and they were left with UB, who are now trying to clear out unfinished business and want the documents off their hands.
 
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