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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10394
Experience:  Barrister 17 years experience
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Clare, i have an unusual situation in relation to a mortgage

Resolved Question:

hi Clare, i have an unusual situation in relation to a mortgage on a property in ireland, which was held by a uk mortgage company has been dissolved. There is an or was an outstanding amount owed on the mortgage but the people that owned the house have passed away and the house is now in limbo
Submitted: 11 months ago.
Category: Law
Customer: replied 11 months ago.
The details of Regal Mortgages are:
Company Registered Number : OC300246
Customer: replied 11 months ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Clare replied 11 months ago.
Thank you for asking for me - but it is a matter for Irish not Uk lawI shall opt out and transfer it to the correct section
Expert:  Buachaill replied 11 months ago.
1. Dear Gerry, can you better explain the circumstances. What is your interest in the house? Who was the mortgage owed by - yourself or the people who passed away? How long since there has been any payment on the mortgage? When was the last time there was any communication from Regal Mortgages? When was Regal Mortgages struck off the register of companies?
Customer: replied 11 months ago.
My wife is the daughter of the deceased.
Last correspondence from regal was 2003. Showing a loan balance of 165000 euro
Regal Mortgages was dissolved on 15th may 2012.
Customer: replied 11 months ago.
see files attached from uk companies office showing the company details
Expert:  Buachaill replied 11 months ago.
2. Dear Gerry, you haven't answered my question as to when was the last time there was a payment made on the mortgage?
Customer: replied 11 months ago.
the last payment would have been prior to 2003 thats as close as i can give you as we don't have any documentation
Expert:  Buachaill replied 11 months ago.
3. The first thing to realise is that any action on both the security held by Regal for which the time limit is 12 years and any action on the personal covenant for the debt, for which the time limit is six years, is now statute barred. This means that neither Regal or anyone who purchased the debt from them, can now pursue either the estate of your wife's parents, or the property, for repayment of the debt due under the mortgage. Accordingly, you can disregard the mortgage as it cannot now be enforced. T
Expert:  Buachaill replied 11 months ago.
2. The second thing to realise is that as Regal is now defunct, there is no way that Regal itself can enforce the debt or securit. Accordingly, if no assignee of the debt has appeared since Regal has been struck off, it is safe to believe that there will never be any comeback from anyone on the debt. So this means that the property can now be dealt with by the estate of the deceased and transferred to whoever is the beneficiary of it, under the will or intestacy of your wife's parents.
Expert:  Buachaill replied 11 months ago.
5. (The previous paragraph should have been numbered No.4) Accordingly, your wife or someone from her family should take out letters of administration to the estates of her deceased parents and have the property transferred to the current generation, whether by means of the intestacy (no will) or the will of the deceased parents. Whoever receives the property will not have to worry about the mortgage previously held by Regal.
Expert:  Buachaill replied 11 months ago.
6. Please Rate the answer as unless you Rate the Answer your Expert will receive no payment for answering your Question.
Customer: replied 11 months ago.
Does a mortgage have a time limit, i thought when an instutition had a mortgage it didnt have a time limit, i thought that applied to a charge and not a mortgage.
And secondly could regal have sold the debt on to another party, and finally could the debt have gone to the crown ?
We are under the impression from irish solicitors that the house cannot be sold with this mortgage present
Expert:  Buachaill replied 11 months ago.
7. The same time limit applies to a charge and a mortgage under the Statute of limitations as both are a species of security interest as well as a personal debt covenant. 12 years is the time limit to enforce a mortgage or charge. Secondly, Regal could have sold the debt to another party. That is why I make reference to it "if no assignee of the debt has appeared ....". An assignee is a person to whom the debt has been assigned or sold. Thirdly, going to the Crown under bona vacantia is not something that can happen to a debt. Bona vacantia only applies to real property, not to personal property, such as a debt. Finally, your solicitors are in error. A mortgage has a time limit for enforcement, the same as everything else in this world.
Customer: replied 11 months ago.
Buachaill,
thank you for your help - are you based in ireland or the uk ?
Can you advise me to how we might find out who has the deeds of the house, or can you let me know what would be the procedure in getting a new set of deeds
Customer: replied 11 months ago.
And what would the first thing needed to do in order to put the house on the market for sale.
Expert:  Buachaill replied 11 months ago.
8. Unless the house is on unregistered land, there is now no such thing as deeds for registered land. I would advise you to get yourself a solicitor to help you with the process of administering the estates of the two deceased parents. Otherwise you won't be able to sell the property as you won't be able to give good title to the house to a buyer. So, the first things which needs to happen is that the estates of the owners are administered so they house passes to the current generation for sale.
Expert:  Buachaill replied 11 months ago.
9. One point you should be aware of and which I didn't make clear is that the security interest could potentially have transferred to the Crown in England under bona vacantia. HOwever, the statutory time limit would have run against its enforcement.
Customer: replied 11 months ago.
How can we check or search if the mortgage has transferred to the Crown in England under bona vacantia, is there a list or an area to search online
Expert:  Buachaill replied 11 months ago.
10. There is no list where you can see if something is bona vacantia. However, I have attempted, in my best fashion to tell you that this is irrelevant. Please Rate the Answer.
Buachaill, Barrister
Category: Law
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Experience: Barrister 17 years experience
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