QUOTE(PJusa @ Dec 6 2016, 11:11 AM)
Quick question: I am finishing my housing loan this month. I dont plan to sell the house anytime soon. Do I need to remove Private Caveat that the bank got lodged? Is is possible to do this at a later without any issues? Reason: if the caveat remains, it would be next to impossible for third party to do any transfer. Should I get the relevant documents from the bank and just keep them to remove the caveat any time later? I am not too familiar with those things so I am just considering my options here. Of course I could also just take (any?) lawyer and get them to remove the caveat at once. What is the suggested course of action here?
Instead of a caveat, the bank should have created a charge on the property. Once you have fully settled the loan, the bank will release the charge. You can either appoint your lawyer or use the bank's panel lawyer to do it for you. I have not heard of the owner/borrower withholding the discharge. In this instance I think the bank will proceed to release the charge at your cost.This post has been edited by Jasoncat: Dec 6 2016, 09:12 PM
Dec 6 2016, 09:11 PM

Quote
0.0152sec
0.39
6 queries
GZIP Disabled