Residential certificate of title system
Residential certificate of title system – official copy folio and map not necessary following registration
The attention of the Conveyancing Committee has been drawn to the practice of some lending institutions, following lodgement by solicitors of title deeds and certificates of title on foot of undertakings given under the certificate of title system, of requesting borrowers’ solicitors to furnish an official Land Registry certified copy folio with map before the lenders will release them from their undertakings. The current cost of an official folio and map is €25.
From consultation it had with the IBF before the 2009 Certificate of Title system was concluded, the committee can confirm that the agreement with the lenders was that a plain copy/printout only of a folio would be sufficient for the lenders’ purposes. This was agreed as an additional assurance to lenders that their mortgage was registered, the main evidence of registration being the counterpart charge document with the details of registration stamped thereon by the PRA. The committee also noted that lenders have online access to the folio and can check the position themselves as to registration in any event.
Therefore, the committee confirms its view that, in residential certificate of title cases, provision of a plain copy or printout of a folio is sufficient for the purpose of complying with the solicitor’s undertaking under the agreed system.