Question about detail on folio from landdirect.ie

Arbie

We are looking at the folio of property we are possibly purchasing. It's very early stages yet so no solicitor involved. I have copied the entries below with slights changes as we are just trying to figure out a few basic things:

1 - Why is there a burden noted in 1980 but the purchase date is 1989?
2 - Are the burdens from 1996 and 1997 re-mortgages?

Thanks in advance.

*******************************

Ownership: 01-AUG-1989 89XXXXXXX MARY SMITH of 99, ANY STREET, MYTOWN, ACOUNTY is full owner.
Land Cert Application No.: 123456789
Date: 31-FEB-1989
Issued To: A. SURNAME, SOLICITOR
Address: IRISH BANK, DUBLIN

Burdens and Notices of Burdens:
01-FEB-1980 A1234/80
The property is subject to the covenants and conditions relating to the use and enjoyment thereof specified in Instrument No. A1234/80.

01-MAY-1996 96XXXXXXX
Charge for present and future advances stamped to cover £30,000 repayable with interest.
IRISH BANK is owner of this charge.

01-OCT-1997 97XXXXXXX
Collateral charge for present and future advances repayable with interest. Original charge stamped to cover £22,000.
IRISH BANK is owner of this charge.

AidanMike

Not an expert but as I have seen a few, a remortgage would have the oldest one striked. If both are still visible and are not striked both are active (possibly a mortgage extension or something like that I would assume). We had this in the deed of our house when the previous owners made their sun-room extension.

surrender monkey

The first burden is not a mortgage, it's a prohibition note. It's a fairly standard note on a folio. Your solicitor would request a copy of this instrument from vendors solicitor.

The second two are charges. The descrepancy in the dates could be the date of purchase and the date registration was completed in land reg.

Victor

Are they all in the name of the same owner?

Might the owner have been sued?

Beanybabog

Number 1 - the solicitor will get a copy of the instrument. It'd probably the original deed from developer to purchaser with a few "don't put commercial signs in your garden" type stuff.

Number 2- A mortgage

Number 3- A loan - I'm no expert but I think a collateral charge is similar to a mortgage but differs in that you can draw down more, like some sort of equity release. In any event, it's still a charge on the property.

If they were sued and it was a judgment mortgage it would be worded in a different way.

They (vendors solicitors) will have to given an undertaking to discharge any charges from the title from the proceeds of sale and procure the release (they'll be crossed out on the folio). Very standard stuff.

Arbie

Thanks everyone, that's very helpful! When we get final details I will post in case it is of use to anyone in future.

Graham

Arbie wrote: »

Thanks everyone, that's very helpful! When we get final details I will post in case it is of use to anyone in future.

My curiosity has got the better of me.

Why would any of this be relevant/interesting to you, what influence would it have on any purchase decision?

Arbie

Graham wrote: »

My curiosity has got the better of me.

Why would any of this be relevant/interesting to you, what influence would it have on any purchase decision?

It likely won't make any difference, but best to have more info and not need it!

abnormalnorman

hi,
anyone know what a shaded dark blue rectangle stands for in landdirect.ie