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Thomas
Thomas, Lawyer
Category: UK Property Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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My house was recently repossessed by the mortgage co., but

Customer Question

My house was recently repossessed by the mortgage co., but it now transpires the mortgage co. have made a mistake with registering title deeds. The property was under two seperate titles & they have only registered a charge on one. My question is (assuming we still own the piece without a charge on it) can I transfer this to someone else's name? If so how? I do not want to negotiate with the mortgage co. re reducing any debt o/s, as at the moment we are in rented accommodation, so they can't have what we havent got. I realise this sounds very selfish, but as they are trying to sell the property for less than 50% it's original valuation, I feel a little bitter. I would like to know whether there is a possibility a family member could register a charge on this piece of land. If you can't help, could you please advise who may be able to ie. a solicitor specialising in conveyancing/property law/ litigation? Hope you can help & thank you. Fiona
Submitted: 3 years ago.
Category: UK Property Law
Expert:  Thomas replied 3 years ago.

Fiona

 

When you purchased the property did a conveyancer act in your purchase?

 

Is it the case that the lender was to have a charge on both titles but (for whatever reason) has ended up with a charge on one only?

 

 

Kind regards,

 

Tom

Customer: replied 3 years ago.

Hi Tom

 

When we originally purchased the property we did have a conveyancer in 2001 & the deeds were registered on both titles.

 

We remortgaged in 2004, & the solicitors were the mortgage cos. solicitors, it is these that haven't registered on both titles. Yes I think they should have registered on both, but as you say have only registered on one. I do appreciate it is an error, but still wonder if I can gain in some way.

 

Regards

 

Fiona

Expert:  Thomas replied 3 years ago.

Hi,

 

If you own the title free of a charge then you could in theory transfer it to whoever you like by using the Land Registry's TR1 form and submitting it to them with their Form AP1 to register the change in ownership.

 

The difficulty is that during the sale process of the other title the Buyer's and their solicitors are likely to become aware of the discrepancy of the property marketed to them and the land shown on the one title over which the lender has a charge. The problem will be revealed and the lender will take steps to attempt to secure their right to sell the second title. If you executed a mortgage deed during the remortgage or original purchase for all of land (ie. including both titles) then you would have accepted that there is a charge over both titles, the fact that it has not been registered does not change this and a Court would likely take the view that the lender is entitled to have a charge registered over the second title (and to sell it).

 

If the buyers purchased only the first title repossessed by the lender and did not become aware of the second title, but there were debts outstanding on the mortgage following sale then the lender would look to claim this from you. The courts have the power to set aside transactions which were made with a view to defrauding creditors and that would be what transferring the second title to a relative would be I'm afraid.

 

 

The lender is under a duty to get a reasonable price for the property they are selling, if they are found not to have done that and you still owe them money then you could ask a court to re-assess the amount owed to the lender. If you suspect they are not doing this then you should speak to a property litigation specialist or write to them personally expressing your concerns. If you continue doing this it will corroborate any claim you have against them later.

 

I would advise you to be honest with the mortgage company, there is obviously a tension between on the one hand claiming that the lender is not getting a reasonable price and on the other being aware of the second title and not disclosing it.

 

You can find litigation solicitors via this website:-

http://www.lawsociety.org.uk/choosingandusing/findasolicitor.law


Sorry it could not be better news.

 

If this is useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.

 

Kind regards,

 

Tom

Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6296
Experience: BA (Hons), PgDip, Practising Solicitor
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Customer: replied 3 years ago.

Dear XXXXX

 

Thank you for your reply. That does make things clear.

 

I do have one further question.

 

I appreciate that any transfer to a family member would not be appropriate, however -

 

If there was a loan outstanding to a family member (from a few years ago) - could that family member place a charge on the piece of land as security - meaning the land wouldn't be transferred in name to the family member. Just a thought.

 

Thank you

 

Fiona

Expert:  Thomas replied 3 years ago.

Fiona,


Thank you for your kind accept.

 

A family member could take a charge on the property either with your agreement or by applying for a charging order on it from the Court if you do not agree to it being so placed. It does not get around the fact that you a aware that the lender should have a charge on it but doesn't though and, as such, are probably under a duty to reveal it to the lender.

 

Kind regards,


Tom

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