Is it possible to get a mortage without deeds

T

The Bull

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I need about 50,000 euro to finish a house that my dad built himself without deeds. I can get a personal loan but don't want to pay the high interest rate. Getting deeds is not an option. Any advice where to go would greatly appreciated.

The Bull
 
Dear God in Heaven!!!!

I would say absolutely not - what security can you offer that could be enforced? None. Its not clear if your father even had any entitlement , either serious or nebulous, to (a) own or (b) build anything on the land so if he didn't, you don't.

The only advice I would give you is to go get the title sorted. If getting deeds is not an option, I don't think you have any alternative to a personal loan. You will never be able to deal with this property whether by way of sale or mortgage without legal title except perhaps to sell to some eejit who has cash to burn.

mf
 
Thanks MF, you see the thing is it's on our farm so the land is his. I was thinking as much that a mortage could not be secured without deeds. Think I'll have to finance finishing with my SSIA and a personal loan. As house is situated on farm I don't intend selling it in the future.
 
So there are Deeds? So whats the problem - I don't understand. Will he not sell to you, or gift to you and if not why would you put money into something that will not belong to you?

Is there planning permission?

mf
 
Yeah it has planning alright. I will look into getting the title in my own name

Thanks for all your help.
 
Re: Is it possible to get a mortgage without deeds

it's on our farm so the land is his. I was thinking as much that a mortgage could not be secured without deeds
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I presume you mean the property does not have its own deeds , if thats the case then you will not be able to mortgage it separate to the farm.

I've heard of the CU providing mortgages in these circumstances or you could get the property transferred in your name on deeds separate to thew farm.
 
If there is title to the farm, there is no issue ( save perhaps inter family) in transferring that section either by way of sale or gift.

So "getting deeds is not an option" seems to mean that whereas there is title, it may be difficult ( for whatever reasons) to formalise a legal transfer.

mf
 
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