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Mortgage discharge

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  • 23-08-2023 4:43pm
    #1
    chelseafcbox
    Registered Users Posts: 3 ✭


    Hello, I recently bought a house in Ireland. The property was under a mortgage (KBC transferred to BOI) previously and I was told by my solicitor that the mortgage would be redeemed with the sale proceeds. Everything went good and the sale went through. Fast forward 8 weeks after the sale completed my solicitor says he still hasn’t received the discharge of the previous mortgage on the property. Is it normal to take this much of time to discharge the previous mortgage on the property and register my name on the Folios? I thought it should be quick! Any insights appreciated. Thank you.

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    #2
    southofthelee
    Registered Users Posts: 35 ✭southofthelee


    If there is still an uncleared mortgage on the property you believe you have purchased then your solicitor has not done his/her job.

    Were you a cash buyer? If so - are your funds still in your solicitor's client account? Or have they been paid over to the vendor?

    Or have you attempted to draw a mortgage on the property? It's unlikely that it is in effective if there still is a mortgage on the property as your bank doesn't have clean title.

    When you say " Fast forward 8 weeks after the sale completed" - do you actually mean you are still Sale Agreed?

    I'd advise you have a face to face meeting with your solicitor to establish the facts. Do you own the property not?



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    #3
    chelseafcbox
    Registered Users Posts: 3 ✭chelseafcbox


    Hello, thanks for you reply.

    Were you a cash buyer? No, bought through mortgage.

    The funds were transferred to the vendor's solicitor 2 months ago. The property status is sold and I have the keys with me.

    However my understanding is that the vendor's mortgage on the property should be discharged within a couple of weeks (saying this based on my buying experience in Australia) by the vendors solicitor. However it has been now more than 8 weeks my solicitor says he has not received proof of discharge from the vendors solicitor. Is this normal to take this long to actually get a discharge? Strange isn't it?

    Thanks again.



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    #4
    southofthelee
    Registered Users Posts: 35 ✭southofthelee


    Prior mortgages on the property you are purchasing are normally discharged before the closing of sale - not after.



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