Debts attached to properties

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09 Jul 2009 12:00 AM by casagill Star rating. 6 forum posts Send private message

We've made 4 attempts at completing since last November...which have all failed for reasons which were not of our doing.

Now we find that there is an outstanding debt against our property and but for our eagle eyed solicitor might have found ourselves signing for a property with a mortgage attached to it!!!!!!

Has anyone had else had problems such as this?????




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09 Jul 2009 10:50 AM by taraleisure Star rating in Holmfirth. 294 forum posts Send private message

 You will find that all properties have  a mortgage attached to them. This is how the builder finances the projects. This is dealt with at the time of the signing at the Notary and the transfer of money.
 
 All solicitors are aware of this and it is standard practise. The only time a hiccup occurs is when the mortgage is greater than the balance that you are paying.When this happens, the builder has to pay off the extra money
before you can go ahead.



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09 Jul 2009 11:20 AM by casagill Star rating. 6 forum posts Send private message

Thanks for that information.....

What concerns me is when ,in our case, the builders have tried ( twice at the notary) to get us to hand over our final payment and sign paperwork without the signed confirmation from the Bank that the outstanding debt had been repaid.

Seems somewhat underhand to me 




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09 Jul 2009 11:31 AM by taraleisure Star rating in Holmfirth. 294 forum posts Send private message

Seems as if the builder is struggling for money!



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09 Jul 2009 11:38 AM by casagill Star rating. 6 forum posts Send private message

Exactly my thought!!!???....Hopefuly for my Solicitor to disprove




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09 Jul 2009 12:45 PM by dominick Star rating. 35 forum posts Send private message

hi all

          this happened to us as well but our solicitor had it removed at the notary within an hour,he also had the plus valia tax removed which the builder had included in final costs,it is their responsibility so dont let them tell you any different

                                     regards dominick 53-09




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