mortgage & transfer of property confusion
Querist :
Anonymous
(Querist) 10 January 2010
This query is : Resolved
I have purchased a property( land ) with the finance from a bank after varifing all the documents & search report .few months later a relative of old owner filed a suite of T.I.against me stating that a partition suit including this property is pending in lower court since 1998 & he also has share in this property.
he asked the court 1) to decleare this sale deed ab initio void
2) not to demolish old construction & not to allow new one
3) not to transfer this property .
After varyfying all the documents, court has said that, there is no primafacee evidence showing plaintiffs share in this property .also just because the partition which took place in 1992 was oral partition,other entries in the govt record should not be neglected . Also the partition was accepted by plaintiff's father & was entered in govt revinew record.
court has ordered that 1)I can demolish old building & start new construction on the said land
2) I should not transfer the property.
3) I should give undertaking that if at all the final decision goes in plaintiff's favour,I will demolish my construction & bring back to original one.
This order is till the final decision of the suit & not intrim
As said earlier the land is mortgage with bank since purchase.I have taken permission from local govt authority for construction.bank is ready to finance me.
My query is-
1) Do i need to take permission from court to increase the loan or mortgage ?
2)will that be contempt of court otherwise?
3)As mortgage comes under transfer of property,what difference is between mortgage & transfer of property?
4) will court allow me to increase mortgage?
SHYAMSUNDAR
(Expert) 10 January 2010
Transfer of property includes various types of conveyances such as sale, mortgage etc.
In your case ur restricted from entering to any further conveyance deeds.
U wont get any permission frm court for enhancing the mortgage money.
Is the injuction granted ad-interim or is it passed finally till decision of suit, Plz calrify..
adv. rajeev ( rajoo )
(Expert) 10 January 2010
you need not take permission from the court to increase the loan or morgage.
If you transfers the property to anybody it amounts to contempt court.
B K Raghavendra Rao
(Expert) 10 January 2010
You have already mortgaged the property to the Bank and the Court has taken cognisance of that fact. However, the Court has given you permission to construct the building but not permitted you to transfer the property.
This amounts to say that you are at liberty to carry on construction work but you are not allowed to sell the property. Mortgage has been created and the court has permitted it. When construction is permitted, the cost that may be incurred towards construction is also deemed to be permitted. Therefore, you are liberty to raise the loan amount. It would not amount to contempt of court unless you sell it.
However, basic question is that your very title to the property is challenged and there is no point in your spending money on a disputed land of which you may or may not become an owner.
Querist :
Anonymous
(Querist) 11 January 2010
query is modified
