Bank never took up title deeds

[Mickey Mouse]

Hi
I purchased a property with another person in the boom years. The property is now in default and bank wants the property sold. I cannot now sell as I’m not on talking terms with person I purchased the propertywith and the Bank never took up the deeds and because of this I can’t put the property up for sale or prepay the bank. What are my options? Is Bank partially liable?

 

[Palerider]

You are going to have to speak with the co-owner directly or through your solicitor or another third party, this is a serious matter after all.

Why would the Bank be liable, they probably still rely on your solicitors letter of undertaking regarding holding title to the property.

The property should be sold voluntarily, you will get more money than through a foreclosure, a fire sale and additional Bank and legal fees.