Ulster Bank not providing original deeds on ATR for negative equity sales

It has been brought to the attention of the Conveyancing Committee that Ulster Bank says its “current protocol with regard to release of deeds is that copy deeds are to be issued to facilitate the drawing up of contracts, with original deeds being issued at closure of sale”.

This matter was referred to the committee by a solicitor whose clients were under direction by the bank to sell their property, which was in negative equity but who could not obtain the original deeds from the bank on ATR (accountable trust receipt). The initial correspondence from the bank to the solicitor indicated that the original deeds would be released to the solicitor on receipt of net proceeds of sale.

The committee expressed the view that the original title deeds should be released to the purchaser’s solicitor on accountable trust receipt in advance of the sale. The committee is clear that the original deeds are required in order to prepare a contract for sale, and that the above conforms to standard conveyancing practice.