Caveat on title - mortgagee sale

My conveyancer is chasing this up and I'll have more info next week, although just after some opinions.

I purchased at auction a house which was repossessed.
The title search had nothing out of the ordinary on it.

Come today, D day for settlement and my conveyancer and lender both do not proceed with the settlement due to a caveat on the property by some finance company.

Normally with mortagee sales, is it up to the mortagee's solicitor to ensure that any caveats such as a finance one is withdrawn / lapsed?
 
hiya tez

u are entitled to a clean title at settlement.

pretty much up to the mortgagee and the caveator to sort that one

You mortgagee cant lodge a mortgage over that caveat, even if the existing mortgagee goves you their mortgage discharge

ta
rolf
 
Similar to the Black case maybe.

They obviously owe money to someone. Probably it is for some finance other than the finance used for the house, maybe a car. They are owed money and may have a judgment and an order to seize propertry but the auction was done first. So they have registered their interest in the property by lodging the caveat.

If you didn't have a caveat then their interest is probably higher than yours.

You can't settle if there is a caveat there. Can't deal with the title at all - no mortgage or transfer allowed. It is up to your solicitor to find out what is going on now. You may have to arrange for part of the payment monies to go to the finance company that lodged the caveat - but this will depend how much is owing on their mortgage. If the sale price is not enough to satisfy the mortgage then not sure what will happen.
 
My conveyancer is chasing this up and I'll have more info next week, although just after some opinions.

I purchased at auction a house which was repossessed.
The title search had nothing out of the ordinary on it.

Come today, D day for settlement and my conveyancer and lender both do not proceed with the settlement due to a caveat on the property by some finance company.

Normally with mortagee sales, is it up to the mortagee's solicitor to ensure that any caveats such as a finance one is withdrawn / lapsed?

Tez, what ended up happening?
 
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