mortgage by allotment letter
S.S.BHASKARAN
(Querist) 01 September 2008
This query is : Resolved
Presently I am handling a matter where a mortgage stated to be created by the predecessor in title. The present owners who are our clients have purchased the property 22 years back and are in peaceful possession and enjoyment of the property.
The claim that mortgage was created by depositing the allotment letter from the Tamil Nadu Housing Board which says lease cum sale agreement was the only document on which the mortgagee is making a claim.
At the outset we understand that on the ground of limitation alone the claim fails.
however I would like to know the legal points that governs and connected implications.
SROTAS -Global Legal Services
(Expert) 02 September 2008
DearBhaskaran,
1. Whether the allottee has paid all the dues to the TamilNadu Housing Board, if so the Tamil Nadu Housing Board would have executed a sale deed in favour of the allottee.
2. From whom your client has purchased the property?
3. As far as the government land is concerned, the limitation for adverse possession is 30 years.
4. Who are all the legal heirs of the predecessor?
5. Mere lease cum sale agreement and allotment letter will not create a mortgage.
6. If the sale deed is not executed by the TamilNadu Housing Board infavour of the allottee, the sale deed executed to your client will become void.
we appreciate your opinions regarding this issue.
Thank you
Team Srotaass
S.S.BHASKARAN
(Querist) 02 September 2008
I must thank for the response.
First of all I should have given full particulars. Firstly, the predecessor in title who was the allottee paid the entire dues and Tamil Nadu Housing Board had executed the sale deed in favour of the allottee.
Based on the Nil Encumbrance certificate and the original sale deed executed by TNHB in favour of the allottee, our clients purchased the property from him.
With respect to the mortgage the material details are awaited, but the Bank affixed the noitce u/s13(4)of SARFAESI ACT in the premises of our clients. we have preferred an applicatoin before DRT to set-aside the notice.
Now we have sought the bank for the particulars regarding the mortgage stated to have been created by the predecessor in title, who was the allottee.
Regards,
S.S.Bhaskaran
S.S.BHASKARAN
(Querist) 04 September 2008
Presently I am handling a matter where a mortgage stated to be created by the predecessor in title. The present owners who are our clients have purchased the property 22 years back and are in peaceful possession and enjoyment of the property.
The claim that mortgage was created by depositing the allotment letter from the Tamil Nadu Housing Board which says lease cum sale agreement was the only document on which the mortgagee is making a claim.
At the outset we understand that on the ground of limitation alone the claim fails.
however I would like to know the legal points that governs and connected implications.
Your reply:
DearBhaskaran,
1. Whether the allottee has paid all the dues to the TamilNadu Housing Board, if so the Tamil Nadu Housing Board would have executed a sale deed in favour of the allottee.
2. From whom your client has purchased the property?
3. As far as the government land is concerned, the limitation for adverse possession is 30 years.
4. Who are all the legal heirs of the predecessor?
5. Mere lease cum sale agreement and allotment letter will not create a mortgage.
6. If the sale deed is not executed by the TamilNadu Housing Board infavour of the allottee, the sale deed executed to your client will become void.
we appreciate your opinions regarding this issue.
Thank you
Team Srotaass
FUrther Informations:
I must thank for the response.
First of all I should have given full particulars. Firstly, the predecessor in title who was the allottee paid the entire dues and Tamil Nadu Housing Board had executed the sale deed in favour of the allottee.
Based on the Nil Encumbrance certificate and the original sale deed executed by TNHB in favour of the allottee, our clients purchased the property from him.
With respect to the mortgage the material details are awaited, but the Bank affixed the noitce u/s13(4)of SARFAESI ACT in the premises of our clients. we have preferred an applicatoin before DRT to set-aside the notice.
Now we have sought the bank for the particulars regarding the mortgage stated to have been created by the predecessor in title, who was the allottee.
Regards,
S.S.Bhaskaran
Shyam Ji Srivastava
(Expert) 28 September 2008
Dear Bhaskaran,
Just I read your problem. because i am also panel advocate of Kanpur Development Authority since last 15 years so i can tell you that without obtaining Lease Deed or Freehold Deed, Mortgage can not be made only on ALLOTMENT LETTER.
The Notice under SARFAESI Act can be challenged in Tribunal and I am sure u will win the case.
With Regards
Shyam Ji Srivastava
Advocate
098390 28040
