It costs much less than applying for a new warranty or standard declarations (The fee charged is the cost of a standard declaration plus an extra charge for an existing change of name.) It is the same cost for adults and small children. The deed poll which accompanies the declaration must be prepared by a lawyer experienced in drafting new deeds. If the poll is not prepared properly the applicant may lose his right to a replacement property.
Who can apply for a replacement? Only someone who has suffered a real estate loss and has been made bankrupt by reason of that loss can apply for a replacement deed poll. Anyone over the age of majority must apply for a replacement deed poll with a request in writing to the Lord of the Manor or the Sheriff of the Court. Anyone under the age of majority need a certificate of authority from the registrar of deeds. These are the only people who can apply for a new deed but they are very rarely successful.
Who cannot apply for a replacement? Anyone not qualified to apply for a new warranty or standard declaration must apply for a replacement deed directly. Other than this, a person may apply for a replacement if he wants to apply for a new mortgage on the property. He may also apply for a new mortgage on the basis of a new ownership transfer document on the title. Another person can apply for a replacement on his mortgage.
Why would I want to apply for a replacement? People usually apply for a new mortgage when they sell their property or when they want to shift property ownership. There are two reasons why people apply for a new mortgage. They either buy a property at a higher price than the price at which it was sold or they want to shift the property. In case of the first, they may need money for repairs or home improvements and in case of the second they may want to move out of the property.
What is a Poll and what is meant by Poll? A Poll is a document that certifies that the owner of a property is interested in selling or transferring the ownership of that property to some other person. The poll is drawn up by a solicitors’ solicitor. It is then registered with the county court and the clerk of court in the county where the property is situated. If a mortgage is involved, the Poll will be accompanied by a Poll and Mortgage document.
Who is covered by a Poll and Mortgage? A Poll is applicable to any transfer of ownership. It does not cover any right of inheritance on the property that is transferred under a mortgage. A Poll does not cover the alienation of land or anything else. A Poll and Mortgage do not apply to the purchaser until after the close of escrow (i.e., the day the money for the mortgage from the buyer has been received).
When should I apply for a replacement deed? There are several cases where people may want to apply for a replacement deed. One case is when a mortgage to purchase a property is refused and there is no opportunity to buy back the property under the mortgage terms.
Another case is when a mortgagor defaults on a loan (either through divorce or bankruptcy) and the mortgage holder retains the property as his/her major asset. After foreclosure, the mortgage holder may apply for a new deed of the property stating that the person is in default of the loan and has no right of redemption. This ensures that the property will revert to the mortgage holder immediately. Finally, a deed may be required to recover something that was wrongly purchased (such as a fraudulent loan in the case of a divorce). The person who buys back the property must apply for a replacement deed.