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Originally Posted by 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.
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Thanks so much for that Chalie
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
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
Thanks again Charlie
