There remains a significant number of individuals who believe the myths surrounding the sale of mortgages by lenders to other entities.
These individuals believe that companies like Pepper, BCM Global, Link Financial, etc. the owners of many charges on foot of loans bought from the likes of Ulster Bank, AIB, Bank of Scotland are unable to sell the properties on which the loans are charged.
On the other hand, there is a tremendous amount of such properties being bought and sold on online auctions such as BidX1 every month of the year.
And the buyer’s solicitor applies to Property Registration Authority after the auction for the change of ownership to be registered. This is done without any difficulty or controversy, save for the usual queries about documents or forms or declarations or maps.
The new owner, who has bought from a Receiver at an online auction, is now the registered owner and his/her title is guaranteed by the State.
And the world keeps on turning.
Learn more about first registration of property in Ireland here.