When a property is to be mortgage flat, this sometimes becomes very difficult, especially when that property is constructed by a relative. It tells the tale of one client who wished to save a flat built by his uncle but faced hurdles. Further in the chapter, it will describe how he manages to overcome the problems with some legal advice<\/a><\/strong> and a few simple steps.<\/span><\/p>\n The client contacted a legal expert seeking assistance in mortgaging a flat that had been constructed by his uncle. The uncle was a builder and had constructed six flats on a piece of land he owned. The client intended to mortgage one of these flats in order to obtain a loan. However, the bank wanted to know when the property had been sold. Since the uncle constructed the flat rather than sell or buy it, there was no date of sale.<\/span><\/p>\n To clarify ownership of the flat, the bank has mandated that the sale date must be furnished. Without it, it appeared the mortgage would never be granted. The client had no idea what to do next and was frightened this might further delay his loan.<\/span><\/p>\n The client decided now to seek legal help to carry on with the case towards successful closure. The attorney explained that while the sale date could ordinarily prove very critical, it is by no means the only means of establishing ownership of the flat. He produced alternative documentary evidence of ownership, in lieu of the sale date, as required by the bank.<\/span><\/p>\n The lawyer suggested:<\/strong><\/p>\n Even though the customer was uncertain if the bank would accept these alternative documents, the property lawyer<\/a><\/strong> assured him that banks are sometimes flexible in such matters, especially when the documents are valid and supported with legal advice.<\/span><\/p>\n\n\t\tSituation of <\/b>Mortgage Flat<\/b><\/h2>\n
Solution of <\/b>Mortgage Flat<\/b><\/h2>\n
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