Don’t sit on your asset – It may be gone

The number of so called title defect cases has increased dramatically over recent years. This has been caused by the increased mobility of borrowers in the housing and remortgage markets and by the failure of solicitors to train and provide adequate support to their staff. Unfortunately a minority of solicitors have not kept lenders advised as to what is happening with their security and often ignore deeds chase letters.

Lenders must act to protect their security as a fraudulent solicitor could make off with the mortgage advance and the lender may not have any redress if its deeds chase procedure is not efficient. If the completing solicitor has not responded within four months of completion the case should be referred to external solicitors.

Cobbetts’ Expertise

Cobbetts has proven experience of rectifying title defect cases, pursuing claims for costs and also identifying potential professional negligence claims arising out of the completing solicitors failure to register title. If necessary, delivery up and declaration proceedings can be issued to protect the lender’s position and remedy the situation.

Cost

In most cases there will be no cost to the lender. The completing solicitor is in breach of contract or has been negligent and therefore a claim can be made against him or his insurer.

We would be pleased to discuss anything arising out of the above at your convenience.

For further information contact Andrew Bennett on 0845 404 1708 or at andrew.bennett@cobbetts.co.uk

Andrew is a partner in the Litigation team.

Ciaran Corry on 0845 404 1642 or at ciaran.corry@cobbetts.co.uk

Ciaran is an associate in the Litigation team.