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Security not perfected????

  • 19-01-2011 11:21pm
    #1
    seabre
    Registered Users, Registered Users 2 Posts: 240 ✭✭


    Hi

    I applied to my bank for an interest only period on my mortgage and they sent me out forms to fill in which I sent back. I got an email today to say that the security relating to my Mortgage was never "perfected " and that I need to contact my solicitor and get this done before they can look at my application.

    I am totally confused by this as since I got my mortgage in 2006 I have topped up and had 2 moratorium months and this matter was never raised on any of those occasions.

    I don't know where I stand now - will i be out money for Solicitors Fees (even though I paid him in full when I originally drew down my Mortgage) or is the matter even more serious as in who has legal charge over my deeds etc at the min - if not the bank then my solicitor is holding them could he possibly have legal charge?

    Anyway any advice would be welcomed.


Comments

  • #2
    looksee
    Registered Users, Registered Users 2 Posts: 29,095 ✭✭✭✭looksee


    Citizens' Advice Bureau?


  • #3
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


  • #4
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    Back in 2006 solicitors were really busy and issued "letters of undertaking" to banks - effectively a promise that security would be perfecrted (finalised) at some point on the mortgage, but that it shouldn't delay the funds drawdown. Solicitors like Michael Lynn used this process to defraud the system.

    Your solicitor has failed to complete the work you paid him to do, but its probably only a minor piece of work. You should certainly not be paying him any more


  • #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    This does not surprise me at all. One case I'm looking at at present has an outstanding legal charge for the last 7 years!!!! You need to get on to the solicitor who acted on your behalf and tell him / her to get their finger out.


  • #6
    kaiser sauze
    Registered Users, Registered Users 2 Posts: 1,558 ✭✭✭kaiser sauze


    Do you have life insurance tied to your mortgage?

    Have you confirmed with your insurance company that the policy has been assigned to your lender?

    It could be as simple as that, but I would contact your life company before your solicitor just in case.


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  • #7
    seabre
    Registered Users, Registered Users 2 Posts: 240 ✭✭seabre


    So I contacted my solr and he said he def remembers drawing up my deeds and sending them on to thebank. I called the bank to tell them this and they said that they now need a letter from the solr confirming that this was done. So I called him back and he said he'd get his secretary to pull my file and double check everything............I'll have to wait til after the weekend but if he sends the confirmation letter then I can probably assume the bank have lost my deeds!

    If this is the case I don't know what will happen - funny how the onus is always on customer to make sure everything is done on their end before the bank will double check at theirs!!


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