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Mortgage / Title Deeds


steve_b_wales
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1 hour ago, Good shot? said:

We have a small amount left owing on our mortgage account (£125) and as long as that is owing there we pay no interest on it and the Bank hold our Deeds for security.  We bought our house new in 1972.


I’ve seen a scenario where the bank held deeds and over the passage of time (30 years) the bank’s deeds store moved premises on 3 occasions and the result was the deeds were lost. 

If your gaff is unregistered it sort of makes sense to effect first registration now (deeds are sent to the land registry who then give you a definitive electronic title). At least with this if you ever need to do anything with your gaff (sale, mortgage, equity release, potentially exempt transfer or other estate planning) you’re ready to go. Also if you get hit by a bus there’s less aggro for whoever is left.

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28 minutes ago, Mungler said:


I’ve seen a scenario where the bank held deeds and over the passage of time (30 years) the bank’s deeds store moved premises on 3 occasions and the result was the deeds were lost. 

If your gaff is unregistered it sort of makes sense to effect first registration now (deeds are sent to the land registry who then give you a definitive electronic title). At least with this if you ever need to do anything with your gaff (sale, mortgage, equity release, potentially exempt transfer or other estate planning) you’re ready to go. Also if you get hit by a bus there’s less aggro for whoever is left.

Noted, thanks. So if I were to pay off the small mortgage balance, you say the deeds are sent to the land registry and not to me, by in this case by the building society.

Ps

I do realise the building society are not necessarily doing me a favour by 'minding' my deeds and it is probably more beneficial for them to do so.

Edited by Good shot?
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49 minutes ago, Good shot? said:

Noted, thanks. So if I were to pay off the small mortgage balance, you say the deeds are sent to the land registry and not to me, by in this case by the building society.

Ps

I do realise the building society are not necessarily doing me a favour by 'minding' my deeds and it is probably more beneficial for them to do so.

You would need to get the deeds and go to your solicitors to get registration under way - the current delay at the Land Registry is a year !

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