secured loan not registered at land registry

[Minney]

Hi Everyone:)

 

I've been discusing some issues i have in the ppi section of the forum with 'Hellhasnofury' and she has very kindly directed me to this section of the forum to pose a question to you guy's and girls, if you don't mind having a look at it for me;) Any help would be very much appreciated

 

We took out a secured loan from Firstplus on 07/06/2005 and on 16/10/2005 we was about to complete a re-mortgage but found that Firstplus had this loan still pending at land registry some 4 months after taking it on, of which I had already alerted them to this some month earlier when we had first began the re-mortgage as they had charged us £125 for a deed of postponement but we asked for this money back as we had found it not to be even registered so they were well aware of the situation at this stage.

 

 

Then we had a letter from our new mortgage company advising us that, to date our solicitors have failed to complete registration at the land registry and that they had writen to the Firstplus solicitors asking that they attend to this immediately and that if this matter was not resolved promptly they were going to submit a claim on 'our' title insurance and if we had no title insurance (which i don't even know wot it is) so i take it we didn't have it.. then they would instruct another firm of solicitors to take all appropriate action to rectify this situation and that all cost incurred in resolving this matter would be ultimately 'our' responsibility. So we panicked and phoned our mortgage solicitors, they said they had writen to first plus on numerous occasions but were ignored.

 

So i phoned first plus again and was really angry with them as they had been made aware of this situation by myself on at least two other occasions and they should never have put us in this situation as this strong worded letter that we had received from our new mortgage company was frightening to say the least and we could have ended up with huge costly solicitors bills, if I hadn't of intervened to sort this mess out. Then and only then, they started sorting it out at land registry or as we thought:???: but they had taken it off and must have forgot about it cos we have since found out from land registry that it was only registered on 22/02/2006 but we consolidated this loan on the 16/02/2006 for a further advance with them:???: We were appauled at how they had dealt with this matter:evil: and now we have the transcripts you can clearly see from internal coversations how they were flying around in panic to get this loan registered or sorted when we put in for the further advance.

 

I would love to have known how we stood legaly with Firstplus as this is a secured loan but remained un-registered at land registry until we went for the further advance?

 

Sorry for the length of the post peeps:)

 

Thank you in advance for your help

 

Kind Regards

 

Minney.x

[Minney]

Hi Everyone:)

 

I've been discusing some issues i have in the ppi section of the forum with 'Hellhasnofury' and she has very kindly directed me to this section of the forum to pose a question to you guy's and girls, if you don't mind having a look at it for me;) Any help would be very much appreciated

 

We took out a secured loan from Firstplus on 07/06/2005 and on 16/10/2005 we was about to complete a re-mortgage but found that Firstplus had this loan still pending at land registry some 4 months after taking it on, of which I had already alerted them to this some month earlier when we had first began the re-mortgage as they had charged us £125 for a deed of postponement but we asked for this money back as we had found it not to be even registered so they were well aware of the situation at this stage.

 

 

Then we had a letter from our new mortgage company advising us that, to date our solicitors have failed to complete registration at the land registry and that they had writen to the Firstplus solicitors asking that they attend to this immediately and that if this matter was not resolved promptly they were going to submit a claim on 'our' title insurance and if we had no title insurance (which i don't even know wot it is) so i take it we didn't have it.. then they would instruct another firm of solicitors to take all appropriate action to rectify this situation and that all cost incurred in resolving this matter would be ultimately 'our' responsibility. So we panicked and phoned our mortgage solicitors, they said they had writen to first plus on numerous occasions but were ignored.

 

So i phoned first plus again and was really angry with them as they had been made aware of this situation by myself on at least two other occasions and they should never have put us in this situation as this strong worded letter that we had received from our new mortgage company was frightening to say the least and we could have ended up with huge costly solicitors bills, if I hadn't of intervened to sort this mess out. Then and only then, they started sorting it out at land registry or as we thought:???: but they had taken it off and must have forgot about it cos we have since found out from land registry that it was only registered on 22/02/2006 but we consolidated this loan on the 16/02/2006 for a further advance with them:???: We were appauled at how they had dealt with this matter and now we have the transcripts you can clearly see from internal coversations how they were flying around in panic to get this loan registered or sorted when we put in for the further advance.

 

I would love to have known how we stood legaly with Firstplus as this is a secured loan but remained un-registered at land registry until we went for the further advance?

 

Sorry for the length of the post peeps

 

Thank you in advance for your help

 

Kind Regards

 

Minney.x

Please!!! could someone just have a quick look at this for me;) it would be soo very much appreciated;)

[zootscoot]

If a charge by way of legal mortgage is not registered it takes affect in equity. This means it could be enforced by creditor against the debtor but if the debtor then subsequently took out a second charge which was registered, the second charge would take priority in the event that the house was sold or repossessed leaving the first charge vulnerable if the debt exceeds the proceeds of sale.

 

If the second charge was also not registered, that too would take effect in equity. The rules on priority in equity are that the first in time prevails and so the first charge would take priority.

[Minney]

Hi Zootscoot,

 

Thank you soo much for taking the time to reply to my post, it's very much appreciated;)

 

My Mortgage company has the first charge and Firstplus have the second charge but we had taken a further advance with them (Firstplus) 8 months later and they had not registered the first loan we had, until we advanced some 8 months later and just wondered how we stood with it all, say for instance, if we hadn't of done the advance? and it still wasn't registered at land registry?

 

Thank you once again

 

Minney.x