Free Spirit wrote:Sega wrote:Feisty wrote:Free Spirit wrote:What I said was that part way through construction the developer/builder very often takes out a re-mortgage using your property/land as surity and this is the real reason why most people do not get their title deeds because although the corrupt solicitor has completed on the deal and given your cash to the builder/developer, the bank are holding your deeds to fund the buiders next project.
In one village where we were considering a house purchase the owners only had the deeds to the land.
Whilst I don't dispute there is a problem with deeds, please get your facts right.
A developer cannot re-mortgage or even mortgage a property if it has been sold, only the land.
If an owner has deeds to the land the developer cannot re-mortgage any part of it.
Does this developer have to pay the land off before you get the title deeds? Surely this would pose some problem.
You've missed the point Fiesty he re-mortgages before final completion, there are so many tricks/dodgy activities going on.
If this was not so how come there is such a variance in time regarding different owners getting their title deeds? If the time was as it has been stated around 3 years then ask yourself why after 15 years has our friend still not been able to secure the release of her title deeds; maybe they're funding the new marina.
I haven't missed the point at all. A developer can not mortgage a property that has been sold to someone whether they have the title deeds or not. He can only mortgage the land.