House Deeds

[Erin]

I wander if anyone can help.
We braught this house last year off Eds mom.It was all done privately through our soliciters (sp) so that we would not pay the agents charges.
Any way after completion I received all the original house deeds from my soliciter with a letter just asking me to keep them in a safe place as we would need to produce them if we sold the house in the future.I thought nothing of it and thought it was normal and have put them in the cupbord with all the other important stuff.
I was talking to a friend yesterday who had her mortgage with Northern Rock,she is worried about what is going to happen due to the troubles they are having lately.It then came out about me having the deeds to our property and she said that I shouldnt have them and that people only get them once they have paid the mortgage off.She doesnt have hers Northen Rock do,we are also with Northern Rock.
Anyway is she right?if yes what should I do?This is the first house we have owned so I just thought it was normal for us to have them :?

[Elaine]

Not sure Erin as scottish law and english law differ. I have always had a copy of my title deeds though and the building society have the originals.

[Erin]

Not sure Erin as scottish law and english law differ. I have always had a copy of my title deeds though and the building society have the originals.

it is quite strange because we had all photocopies first then the originals came through a few weeks later :? i tried calling northern rock yesterday but couldnt get through :roll:

[sarahd]

This is not neccesarily the case.

I think for private sales it is common to have your house deeds but sales via an estate agent is. A lot of solicitors do send the deeds and contracts etc onto the mortgage companies. It just seems your solicitor doesnt work that way but i dont think its anything to worry about. I know some solicitors can also keep details of your land registry documents etc for safe keeping.

You could always contact your mortgage advisor and ask their advice but to be honest i dont think it really makes any difference who holds the deeds etc. So long as someone does.

sarah
x

[Erin]

Thanks Sarah,I think Ill just give my solicitor a call tomorrow and see what she says

[Mags]

The Building Sociey kept our deeds until our mortgage had been paid, then they were sent to us. We immediately put them in the safe keeping of our bank.

Just a word of warning though, the Deeds are your proof of ownership of your house and should always be kept in a safe place. I don't know how you would stand if they were ever stolen...:?

[Erin]

The Building Sociey kept our deeds until our mortgage had been paid, then they were sent to us. We immediately put them in the safe keeping of our bank.

Just a word of warning though, the Deeds are your proof of ownership of your house and should always be kept in a safe place. I don't know how you would stand if they were ever stolen...:?

yeah my friend told me that :? think Im going to see if Northern Rock want them :lol: if they dont need them then Ill pop down the bank

[smudgley]

It used to be common practice for the mortgage lender to keep the property deeds until the mortgage was paid off, however this is changing & lots of mortgage lenders now prefer the deeds to be in the possesion of the home owner.

Don't worry - it's just the policy of the people you are with that's all. :cool:

[dandysmom]

I was going to suggest a safe deposit box also, Erin; much safer!

[Grete]

I'm not sure about Deeds, I'm guessing safest bet is ring your solicitor. I know some companies charge for a service to store your deeds but I don't know if it's necessary or is just another cost that you don't HAVE to have.

Our mortgage is with Northern Rock too - getting a bit concerned about them atm.

[charliebubs]

Hi Erin,

I can answer your question!!

It's called "dematerialisation" and is something that was brought in a few years ago because mortgage lenders were getting bogged down with the high volume of deeds that they had to retain. So the Land Registry decided to make it all computerised - that way the original deeds aren't so important as its all kept on the Land Registry's central system.

Now the mortgage lenders no longer retain title deeds and instead they are sent to us as the borrowers. Most of the time this will just be a copy of the Land Registry's records and a plan. But in some cases there will be other documents, like old leases, conveyances, guarantees or insurance policies and these should be kept safe as the Land Registry won't have duplicates of them.

Your friend is right - in that before 2003 (I think it was) lenders did retain the deeds until you repaid your mortgage, but this is no longer the policy.

Also - in case your mortgage is with Northern Rock - don't worry!! Mine is too and I have heard that they are possibly being brought out by another bank or something - either way - the mortgages that people already have with them are safe.

[Jac]

See Auntie Charlie to the rescue;)

[Grete]

Thanks for that Charlie :)

[Erin]

Hi Erin,

I can answer your question!!

It's called "dematerialisation" and is something that was brought in a few years ago because mortgage lenders were getting bogged down with the high volume of deeds that they had to retain. So the Land Registry decided to make it all computerised - that way the original deeds aren't so important as its all kept on the Land Registry's central system.

Now the mortgage lenders no longer retain title deeds and instead they are sent to us as the borrowers. Most of the time this will just be a copy of the Land Registry's records and a plan. But in some cases there will be other documents, like old leases, conveyances, guarantees or insurance policies and these should be kept safe as the Land Registry won't have duplicates of them.

Your friend is right - in that before 2003 (I think it was) lenders did retain the deeds until you repaid your mortgage, but this is no longer the policy.

Also - in case your mortgage is with Northern Rock - don't worry!! Mine is too and I have heard that they are possibly being brought out by another bank or something - either way - the mortgages that people already have with them are safe.


Thanks so much for that Chalie :D I was getting a little worried.
We have the whole lot,its quite an interesting read really,the first person who braught this house only paid £3500 for it :shock: That was in the late 60's then in 1979 Eds Mom and Dad got it for £15000 and in 2006 Ed and I got it for £122,000 :shock:

Thanks again Charlie :D

[charliebubs]

Glad to have helped, Erin!!

I have all the deeds for my house too and there is a beautiful Conveyance from the 1800's that is so wonderfully handwritten with the original wax seals and everything - such a shame that it's stashed away :(