the bank is asking the property i am buying has loss of deeds to mortgage my the property

prasish1984 · 30-10-2014, 08:57 PM

hi! i just purchased a property and paid vendor 100000 hkd as a 1st deposit and then i applied for mortgage but now bank is saying the property i purchased has a loss of deed and the solicitor of mine have to prove it to the bank .the solicitor told me all deeds are in the bank .and bank recommend me to use their solicitor they could prove it so i cancelled the first solicitor coz they were not sure they can confirm the deeds .and as far as i know even though there was a loss of deeds there were many people who had purchased the property taking mortgage before me and seller too is one of them . i am worried if the new solicitor cannot confirm the proof of deed and even if is confirmed when i sell it later will it cause a problem and decrease my property value .if anyone knows anything about it please share ur experience and facts .thank you

jimbo · 30-10-2014, 11:33 PM

Then the solicitor needs to go to the land registry.
You should be asking the solicitor all this.
The Land Registry - Title Registration - Proposals for Title Registration

shri · 31-10-2014, 07:30 AM

In a hurry .. but quick answer .. your solicitor will be able to help you.

Long answer .. look at this page: there is some guidance on lost deeds - Land Search Sample 5 – residential property subject to tenancy

Has the lost deed been reported to the lands department? If so, you lawyer and bank should know how to deal with this.

wtbhotia · 31-10-2014, 09:05 AM

why would you put deposit on a property without even seeing the actual DEEDs to the property. You actually trusted the person selling the property??? now you need to spend even more money??? AIYA.

shri · 31-10-2014, 09:22 AM

WT, buyers rarely see the deed. The agent should have done a property search which should have a record of the missing deed.

wtbhotia · 31-10-2014, 09:38 AM

Originally Posted by shri:

WT, buyers rarely see the deed. The agent should have done a property search which should have a record of the missing deed.

Oh ok didnt know it was different in HK, thought common sense was to see actual document ownership of property. I would be asking to see one if I was going to hand over a few hundred K.