Mortgage Drawdown Issue

rebellad

Registered User
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We have applied for and got a loan offer for a mortgage for a self build(Documents sent back to bank last week). We have started digging out the site last week and all was going well. I have just been off the phone to my solicitor who has told me we have a bit of a problem. We are getting a site from my dad and the transfer process began at the start of the year with my dads solictior, I signed for the transfer and assumed all was good and the transfer had gone through fine (I didn't hear anything otherwise). We proceeded at getting a mortgage based on the site being in my name. But now my solicitor has told me that the land transfer still hasn't gone to the revenue and that we won't be able to drawdown on the mortgage until it has gone to the Land registry not to mind getting it through the revenue first!!! According to the solicitor the land being in my name or lodged to the land registry is a prerequisite for the first drawdown. Is there anyway the bank can let me drawdown the mortgage or is it a case of stopping until it is all sorted??
 
The only thing you need to know is when will the dealing( the transfer of the site into your name) be lodged in the Land Registry?

If its going to be tomorrow, then there is no issue.

If its going to be 6 months, then you need to ask the solicitor, what is causing the hold up and when will the dealing be lodged?

There is no way you will get the funds from the bank until the dealing is lodged in the Land Registry. Were you using the same solicitor? If yes, they should have told you there was a timing issue when you were applying for the mortgage.


mf



mf
 
The only thing you need to know is when will the dealing( the transfer of the site into your name) be lodged in the Land Registry?

If its going to be tomorrow, then there is no issue.

If its going to be 6 months, then you need to ask the solicitor, what is causing the hold up and when will the dealing be lodged?

There is no way you will get the funds from the bank until the dealing is lodged in the Land Registry. Were you using the same solicitor? If yes, they should have told you there was a timing issue when you were applying for the mortgage.


mf



mf

Unfortunately we weren't using the same solicitor and thats where the problem has arisen from. It was my dad and my dad's solicitor who was handling the land transfer, I just had to go in and sign that I was happy with it. I thought it had been all completed or at least registered in the land registry but by the sounds of it it hasn't even been sent to the revenue yet not to mind the land registry...
 
Is there anyway the bank can let me drawdown the mortgage or is it a case of stopping until it is all sorted??
You cannot mortgage an asset that you don't actually own! Well - with the [broken link removed]...
 
You cannot mortgage an asset that you don't actually own! Well - with the [broken link removed]...

Ha Ha, thanks Clubman I think thats the first time I have smiled all day!!! Thats what I was thinking alright, time to get onto the builder - this won't be fun i'd say...
 
Would banks be anyway amenable to getting a bridging loan while all this gets sorted??
 
Would banks be anyway amenable to getting a bridging loan while all this gets sorted??

It will depend on your financial circumstances and eligibility to service the loan. The priority should now be with your fathers solicitor to expediate the matter with the Land Reg.
 
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