Lost of Title.

[Superstitionist]

A friend of mine has a double settlements next week, but the bank just called and said they can't find the title of his property.

There are still a few more days to go, but if the settlements have been delayed due to this incident. What rights does he have? Can he claim against the bank for all the penalty fees, costs, etc.....

Super.

 

[Superstitionist]

By the look of it, this must be a very rare case as there isn't any response at all...

How about asking the question in a different way. Assume a company has made a mistake, would they normally admit to their mistakes and bear the costs, or you need to complain/sue them before you may be able to get something out of it...

Super.

 

[LynnH]

Superstitionist

I didn't post, mainly because our experience was quite some time ago, but ...

In 1987, we sold a property in Melton and moved to Sydney. On the day of settlement, the purchaser (who lived in the same street) rang to say that Pyramid Building Society (who held our mortgage) hadn't turned up for settlement. Turned out that they didn't know where the title of our property was. All turned out well and settlement was conducted two days later - no penalty fees etc were involved. However, I had spent a considerable amount of $$ in telephone calls (Sydney to Melbourne) to sort the whole mess out .....

So I rang Pyramid and got on my soap box, big time! Threatened to go to the Banking Ombudsman and the people in charge of Building Societies, etc, etc. I had a cheque by return mail to cover all the costs of my phone calls, postage, etc.

Pyramid Building Society collapsed two weeks later .....

It's worth a try - ring the bank, ask to speak to someone as high up the chain of command as you can get, and mention "Banking Ombudsman" in every second sentence. You never know your luck!

Cheers
LynnH

 

[Superstitionist]

Thanks LynnH,

I will pass this message onto my friend, who is quite frustrated at the moment, as the delay in settlement will cost him around $420 per day in penalty fees...

Pyramid Building Society collapsed two weeks later .....

Ha hah...the real reason of the collapse is finally revealed...

Super.