Bank has lost My Title Deeds

[MrPickwick]

Currently going thru' the process of switching mortgage provider (from UB to AIB). My current solicitor got in touch with UB requesting the deeds & was told they were never received from my original solicitor. I spoke with orig. solicitor today who assured me that he submitted all relevant docs to the bank in early 2004 (initial drawdown was late 2003). I spoke to current provider today & was told that they have no record of docs etc being received.

It's obviously a stumbling block & is causing a delay (have rec'd letter of offer from new provider)

Any advice on what are the next steps I should take to resolve ?

Thanks

 

[juke]

Re: Bank Have lost My Title Deeds

When your previous solicitor gave the deeds to the bank he should have gotten a letter from UB acknowledging receipt. This would be standard.

Get the letter and with the evidence that they had the deeds then, get your new solicitor to agree with UB that your new solicitor will re-constitute your title deeds on their behalf and at UB's cost. Included in that cost should be the extra costs incurred by you in the delay caused in re-mortgaging.

If your new solicitor take a very hard line with them, indicating that they will be held responsible for any loss you incur, it's in their interests to agree.

This happened to 2 of my clients last year. UB's deeds system is in a bit of disarray. I was told by a branch manager that up to about 2004 deeds for mortgaged properties were held by the individual branches. It was then decided to centralise the deeds system and all deeds were transferred to offices in Belfast - but no adequate record was kept of what deeds were sent from what branches.....either in the branches or in Belfast. All a bit of a mess.