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    mkelly123456's Avatar
    mkelly123456 Posts: 5, Reputation: 1
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    #1

    Jan 30, 2012, 10:29 AM
    Mortgage problems
    I bought a property in 1993.I paid most of the loan off and then remorgaged the property again.There is more than half of the new loan left to be repaid at this point. I received a letter today from my lawyer asking me to sign a Solicitors undertaking that was agreed with the bank back in 1993.This related to the original loan.The bank want my solicitor to register a charge in there favour against the property and to lodge the Deed of the charge with them when stamped and registered, If I don't sign this document what is the legal position? Am I still responsible for the outstanding loan?Does the bank have any hold on my property?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Jan 30, 2012, 10:30 AM
    This is an international site - "solicitor" leads me to believe you are in the UK.

    Am I correct?
    mkelly123456's Avatar
    mkelly123456 Posts: 5, Reputation: 1
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    #3

    Jan 30, 2012, 10:32 AM
    Ireland
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #4

    Jan 30, 2012, 10:33 AM
    What are the reasons for making this request now ?
    Did you pay off the original loan with the re-mortgage ?
    mkelly123456's Avatar
    mkelly123456 Posts: 5, Reputation: 1
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    #5

    Jan 30, 2012, 10:36 AM
    The bank has put serious pressure on the solicitors to get the paper work sorted.Its a sign of the times and maybe the bank feel they are exposed.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #6

    Jan 30, 2012, 10:41 AM
    Confusing. Same bank both times? Are you behind in payments?
    mkelly123456's Avatar
    mkelly123456 Posts: 5, Reputation: 1
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    #7

    Jan 30, 2012, 10:46 AM
    No, all up to date.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #8

    Jan 30, 2012, 12:21 PM
    If when you did the refi and got the new loan, it appears that they did not do or have part of it filed properly.

    If this is the case, if you don't just sign and help fix the issue, they will have to sue in court and have legal fees that you will most likely have to pay.

    You are doing this though your solicitor, so sit down with him and ask what happens if you don't sign, my guess, they sue you in court
    mkelly123456's Avatar
    mkelly123456 Posts: 5, Reputation: 1
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    #9

    Jan 30, 2012, 02:52 PM
    Why would they sue me? I paid all there fees and stamp duty for the properties. They didn't bother to check that all documents were signed. Now 13 years later it becomes a problem for them.Should all the paperwork be in order before they took their fees? Isn't that there job? I have always heard , Read the small print and this looks to me like my solicitor half done his job, got paid and now finds there is a problem.
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