Land Registry N50 info

[crystal]

Hi Nigel,
I have got the print out from the Land registry, it gives details of the 3 houses already sold, out of the six on the project, (the others are still to be completed.

2 houses have no mortgages these were paid cash, 1 has a mortgage but the information on the N50 looks like 2 mortgages are listed. One before we signed the contract, and the other looks like when the actual building started.

We know the 3rd house have a mortgage as they got it arranged through the developers bank, Alpha Bank. The 2 mortgages are under the Alpha Bank, would the mortgage the 3rd house have be listed under their name or as a seperate under the banks name.
I can give you more details if required.
Our contract said the house should be delivered free of encumbrances , we are on temporary electric until the project id completed, he has lowered his prices and has people looking .

I hope you can understand what I am asking as it is complicated to explain.
I think it is stating that the developer has a mortgage and the other loan is the 3rd house.

Thanks

[Nigel Howarth]

Hi crystal and welcome to the forum,

It is difficult to work out what the situation is without seeing the results of the search.

Is there any way you can scan the page(s) into your computer and email them to me?

(I will send you an email with my email address).

Regards,

[Nigel Howarth]

Hi crystal,

I don't know what I was thinking.

All the mortgages shown on the N.50 will be the developers. Buyers mortgages are guaranteed by the developer and so will not be shown by a title search.

Regards,

[crystal]

Hi, Nigel.
I have emailed you, I am trying to get someone with a scanner.
If both these loans belong to him, the developer then that makes the situation even worse.

What about the clause he signed in the contract, to deliver the said property free of any encumbrances?

Where would that stand in a court?
Thanks

[Nigel Howarth]

What about the clause he signed in the contract, to deliver the said property free of any encumbrances?

Where would that stand in a court?

In my opinion the developer is in breach of contract - but you will need to have this confirmed by a lawyer.

Can you type in the precise wording of the clause in question.

Thanks,

[Pantheman]

What about the clause he signed in the contract, to deliver the said property free of any encumbrances?

Where would that stand in a court?

In my opinion the developer is in breach of contract - but you will need to have this confirmed by a lawyer.

Can you type in the precise wording of the clause in question.

Thanks,

I think you will find this refers to when the title deeds are issued. Free and unemcumbered when deeds are issued.

he can't accept this clause if he is guaranteeing mortgages and its quite normal to have a loan prior to building.

In order to be unemcumbered you would have had to have a bank waiver when you paid your money.

Hope that helps

Pan

[crystal]

The Vendor agrees to sell and the Purchaser agrees to purchase the whole "property" free of any legal or real encumbrances , charge and/or other obligation whatsoever, and all interests of the vendor, is hereinafter- descrobed prperty from the Vendor.

Taken from contract,

[crystal]

The Vendor agrees to sell and the Purchaser agrees to purchase the whole "property" free of any legal or real encumbrances , charge and/or other obligation whatsoever, and all interests of the vendor, is hereinafter- descrobed prperty from the Vendor.

Taken from contract,

Hi Nigel,
I posted these words taken from the contract, where would we stand if the developer has loans on the land taken out before we signed. I am still on with getting the N50 scanned to send to you, thanks for your help.

[Nigel Howarth]

Hi crystal,

Sorry for the delay in getting back to you. I would say that the developer is in breach of contract if he sold you a property that was mortgaged.

Did your lawyer advise you about this?

Regards,