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Can I ask to see the original contract?
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hi
could you explain a little more about your question please
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Hello,
I have serveral mortgages, I have begun an audit of the family trust to asses material assets for possible transfer.
I have asked the creditor companies for sight of the original deeds of contract. They say that they only have copies (soft) and that they are not obliged to hold (keep)the originals.(UK)
I have been unable to reference to law/statute that allows them to destroy or otherwise dispose of the original (penned) contract.
What can you say about this?
many thanks in advance.
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hi
i am sorry but can we be clear - are you talking about mortgages on properties?
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No probs, its best to be clear, these are residential properties.
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hi
in that case you ar entitled to copies of the original mortgage deeds - indeed you can obtain them from the land registry - but the mortgage companies are under no duty to provide you with copies of the original applications
Need more information?
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thanks ,
I appreciate your answer, butI already know that, maybe I'm phrasing it wrongly?
If the creditor is not bound to hold the originals who is?
So maybe instead of saying can i ask for the original contract.
it should have been WHO can i ask for the original contract.
also you neglected to mention what law or statute makes it so that the original creditor is not liable to hold the originals.
Kind regards,
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hi
the difficulty is that you are referring to a "contract" when residential mortgages are not dealt with unnder contract law in the same way as say credit card debts
mortgages are covered by property law and the application is not a ocntract - it is the basis on which an offer is made - but again the offer is not a binding document - it can be withdrawn at any time up to the rlease of the monies . the binding document is the legal charge - the mortgage deed - which is available to you from the land registry
Need more information?
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Thank you very much.
Just to clarify.
I am bound because the creditor made a legal charge on the land.
The documentation I signed was for informational purposes.
no-one is obliged to keep the original documents that were signed.
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hi
again i am not certain that i have all the information available , i understand you to be asking abour residential mortgages
if you are the owner of the property then you received the monies and you signed a mortgage deed
is that correct?
if not what information did you have to give and why?
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hello yes I am the owner.
All papers were signed, I am unable to verify transfer of monies, hence I am seeking to verify these 'debts/contractual obligations' for the purposes of assurance.
I am not sure if you can answer this question fully. ??
I am also eligible for legal aid and am seeking council under those terms. I would like to ask more questions in and around this matter.
Many thanks.
consumerpada
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hi
can you give me a little more background to explain how these mortgages came about and why you are not certain that the monies were received
claire claire
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Hello thank you for your reply, the mortgages came about in the proper manner, as per normal.
The family trust is subject to very precise auditing and accounting procedures. There is a possbilty that I can redeem the mortgages (as in pay them off - i.e you might say "bring me the iou and I will settle it)
In amounst the directives of the trust are the requirements for original 'promissory notes' and documents with original (penned) signatures. Payments have been misapplied in the past hence the strict accounting conditions.
It terms of mortgages and such the board has seen and had reports that the proliferation of hedge funds as mortgage backed securities, indicates that the lenders have traded on many of these mortgages (as bonds)
I would like to dispell this proposition and produce some kind of original document.
If though I can show that infact according to the law and or statute, the lender is not obliged to keep the original (destroy it) then that may suffice.
note: You are the first person to tell me that the land charge is the binding element, under what authority does the lender make a charge on the land? Surley because of the original application and offer? Surely it is in the interests of proper commerce that these documents are kept. (can i establish when this practice became the norm?)
99% of cases there is never actual cash given, so when you say have you received the monies are you asking if there is a statement of account OR are you asking if there is evidence of exchange (bills and exchange act) as I am unable to pin down the source of the monies. Banking procedures indicate that banks can not lend from deposits, the creditor is unable to provide accounts of exchange.
I hope this helps you understand that I am quite simply trying to verify the account. (for redemption) but it has become almost impossible, according to proof.
many thanks,
consumerpada
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