Folio Search on Landdirect

zoom_cool

Hi I am intested in a pieced of land for a possible site I was unsure who owned it and went on Landdirect to purchase Folio and I have got details of a owner registered in 1978 but in the Burdens and Notices of Burdens in 2009 the below is detailed. Dose this mean Ulster Bank now own the land?

Lien pursuant to Section 73(3) of the Registration of Deeds and
Title Act, 2006, in favour of ULSTER BANK IRELAND LIMITED.

JustAThought

zoom_cool wrote: »

Hi I am intested in a pieced of land for a possible site I was unsure who owned it and went on Landdirect to purchase Folio and I have got details of a owner registered in 1978 but in the Burdens and Notices of Burdens in 2009 the below is detailed. Dose this mean Ulster Bank now own the land?

Lien pursuant to Section 73(3) of the Registration of Deeds and
Title Act, 2006, in favour of ULSTER BANK IRELAND LIMITED.

Dosn’t a LIEN on something mean it cannot be sold until a condition or payment is made - in this case it would seem to Ulster Bank. This MAY mean there hs been an unfulfilled condition and so there is an outstanding bill until it can be sold - but does not necessarily mean that UB owns the asset. The bill could be for anything from e500 to skys your limit and may not necessarily relate to
a debt on that particular plot of land. AKAIK.

What is this Land Direct thing? How is it different to the land registry?

zoom_cool

Landdirect is the Property Registration Authority website for searching folio's

I have since learned the register owner has died since 2016 does that impact on who owns it?

Thanks for your help.

JustAThought wrote: »

Dosn’t a LIEN on something mean it cannot be sold until a condition or payment is made - in this case it would seem to Ulster Bank. This MAY mean there hs been an unfulfilled condition and so there is an outstanding bill until it can be sold - but does not necessarily mean that UB owns the asset. The bill could be for anything from e500 to skys your limit and may not necessarily relate to
a debt on that particular plot of land. AKAIK.

What is this Land Direct thing? How is it different to the land registry?

nuac

Mod
Suggest you consult a solicitor to advise generally. For now will leave open for general discussion subject to forum rules

zoom_cool

nuac wrote: »

Mod
Suggest you consult a solicitor to advise generally. For now will leave open for general discussion subject to forum rules

OK thank you

partyguinness

I would say that the bank have an unregistered charge over the property for an unsecured debt.

Back in the day you could secure a loan etc just be depositing title deeds physically with the bank or a solicitor giving an undertaking to hold the deeds to the banks order so you did not have to go through the formal process of a mortgage. Usually for a short term loan or overdraft in a hurry.

As the title is registered I would say that the bank have had its interest noted on title but the registered owner has not signed an actual Legal Charge. Basically an equitable mortgage existed but the note on the title puts other potential lenders on notice before they think about a legal charge.

zoom_cool

partyguinness wrote: »

I would say that the bank have an unregistered charge over the property for an unsecured debt.

Back in the day you could secure a loan etc just be depositing title deeds physically with the bank or a solicitor giving an undertaking to hold the deeds to the banks order so you did not have to go through the formal process of a mortgage. Usually for a short term loan or overdraft in a hurry.

As the title is registered I would say that the bank have had its interest noted on title but the registered owner has not signed an actual Legal Charge. Basically an equitable mortgage existed but the note on the title puts other potential lenders on notice before they think about a legal charge.

Thanks for the information