Good shot? Posted March 27, 2021 Report Share Posted March 27, 2021 (edited) 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. Edited March 27, 2021 by Good shot? Quote Link to comment Share on other sites More sharing options...
Mungler Posted March 27, 2021 Report Share Posted March 27, 2021 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. Quote Link to comment Share on other sites More sharing options...
Good shot? Posted March 27, 2021 Report Share Posted March 27, 2021 (edited) 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 March 27, 2021 by Good shot? Quote Link to comment Share on other sites More sharing options...
Mungler Posted March 27, 2021 Report Share Posted March 27, 2021 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 ! Quote Link to comment Share on other sites More sharing options...
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