Conveyancing question - Getting a eDischarge from IBRC on an old INBS mortgage

cousin_borat · 15-02-2021 04:05PM #1

Hi there, In December we went sale agreed on a house, 1st time buyers. Took almost 3 years as I'm self employed so lots of hoops and prep to get to this point, yada yada....

As of last week our solicitor has not gotten any contracts from the vendors solicitor.

I took a look at the Folio for the house, and there is a former mortgage with INBS (now IBRC) took out in 1993 that is not crossed out. I'm guessing this was an oversight when in 2003 a new charge was registered when EBS granted a mortgage on the property.

Has anyone gone through this with IBRC? The Law society (2018) simply recommends solicitors to write to IBRC to ask for the eDischarge. No phone or email details given. https://www.lawsociety.ie/News/News/Stories/need-to-contact-inbs-anglo-irish-bank-or-ibrc/.

I'm assuming IBRC would be expected to file an eDischarge as they're listed on eregistration.ie

So any info from anyone who been through this with IBRC, or seen similar would be great. We're just trying to get a sense of if/when this could be resolved as solicitors are understandably vague and don't want to give a timeframe.

Thanks!

busylady · 15-02-2021 09:26PM

Hi the delay could simply be that their solicitor is still waiting or has only recently received the title deeds from EBS, there were delays over Christmas with requests for deeds. There would have been at least 2 weeks lost over Christmas, so it not an excecssive delay - yet. Once the solicitor gets the deeds and checks them , there may be other documents required. If there is a prior charge registered on the folio, the Vendor's solicitor will be able to deal with it and it should not cause any significant delay. Also it is worth noting that this is something that neither you nor your solicitor haev any control over at this stage - it is up to the Vendor's solicitor to deal with. Hope this helps, and best of luck with your purchase.

cousin_borat · 16-02-2021 04:17PM

Thanks BusyLady, we'll see what happens. The fact it's IBRC and that law society advice is you can only post requests re discharges does not bode well IMO for a timely resolution.

cousin_borat · 06-03-2021 02:31PM

Following up on this in case folks in similar situation need assistance. Not going into too much details, message me if you want further info...

After various calls to solicitor and banking friends, who didn't know, I finally got a steer from a member of the law society conveyancing committee. It is possible to email a contact in KPMG who can execute these eDischarges.

The law society person flagged re KPMG may seek a massive fee for filing an eDischarge, this turned out to be true. I don't know the terms of the KPMG contract for managing IBRC post-liquidation, but I imagine Central Bank would not be too happy about these types of charges sought for eDischarges.

Anyhow, we've done our bit and passed this onto the vendors solicitor in the hope will speed up the process of getting to contracts exchanged.

Gael23 · 06-03-2021 07:40PM

Who is liable to pay that fee?

cousin_borat · 08-03-2021 06:13PM

It’s in the vendors interest to make sure any extraneous charges on their property are removed from the folio. Irrespective of whether the sale to us goes through or not.

Now whether they should pay 2k to KPMG to file an eDischarge is a different matter...

Conveyancing question - Getting a eDischarge from IBRC on an old INBS mortgage

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