Yes but kindly check whether bank is giving you noc and indemnity bond. Kindly check whether there is no pending litigation
Mortgage of undivided share in land together with buildup area
Hi. I am planning to buy a mortgaged property from a bank. The building has 5 floors each floor consist of 1908 sft Buildup area on 212 sq yards of land. The total buildup area in all 5 floors is 9540 sq.ft. I.e 1908 sft in each floor. The mortgager has mortgaged 250 square feet of buildup area together with 42 square yards of undivided share in land. There are 5 Similar mortgage deeds I.e On each floor. 250 sq.ft each floor x 5 floors = 1250 sq.ft of buildup area. 42 sq yards uds x 5 mortgages = 210 sq. Yards. Has the mortgager mortgaged the entire property? Land? What about the remaining 8290 sq.ft of buildup area which is free from mortgage? Can this property be purchased? Please advise. Thanks & regards, Zain.
Asked 6 years ago in Property Law
Religion: Muslim
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7 Answers
It appears he has mortgaged the entire land
remaining built up area he continues to be owner
you can purchase the mortgaged property
Yes, even land.
Land is mortgaged, each floor is mortgage, rest portion is common area not separate from build up area.
The entire set of documents will have to be seen to tell you as to what amount of area has been mortgaged and therefore you are requested to share the documents so that a concrete advice can be given to you
1. The said mortgage appears to be unique in nature.
2. Equatable mortgage is created by depositing original title deed of the mortgaged property.
3. In the instant case, have the 5 nos. seperate Title Deeds specifying the stated areas of 250 sft plus 42 sq yrds each have been deposited? have the said areas been divded and demarcated by metes and bounds?
4. If not, then it will not be prudent on your part to buy the said peculiarly mortgaged property.
You can buy under agreement and pay the bank direct loan amount and get NOC from the concerned bank plus you can give public notice and also get the original papers verified that it has no other lien on it .
Yes the Borrower has mortgaged entire property as 42 sq. Yard for 5 floors as undivided share that is 210 Sq. Yards.
Yes the property can be purchased.
