House Deeds

xdaisyx

Hi

Im a bit confused and googled looking for an answer but can't seem to find one.

Five or so years ago, i bought my ex-partner out of our house and remortgaged in just my name, the solicitors handling everything were organised by Llloyds tsb and all the paperwork was done by post.

With the confirmation of mortgage and various other bits and pieces i received in the post the deeds to the house. I never questioned this because im not sure where they need to be.

Anyway talking to a friend that has recently paid off their mortgage they were saying to me that i shouldn't have the deeds myself and that the bank should have them?

Is this correct?
Does this mean i actually own the house and can tell the bank to s*d off? *wishful thinking*:p

any helps appreciated...thank you

neverdespairgirl

Sorry, but assuming it's registered land, the deeds aren't really that important. What is important is the Land Registry, which is very likely to have Lloyds' mortgage on it! You also have a contract with them.

Doozergirl

It used to be the case that the mortgage lender or solicitor would hold the deeds but with transaction carried out over the last few years, the details are loaded and kept electronically by the Land Registry so paper deeds aren't necessary anymore. The mortgage company would ahve kept them previously in case they had to repossess - they'd need the deeds to hand.

You can keep them if you want - chuck 'em out otherwise.

rheme

No it doesn't mean you own the house and can tell the bank to s*d off.

Nice wishful thinking though!!

As neverdespairgirl advised the important bit is that the sale is recorded with Land Registry. Nationwide Building Society have also been sending out deeds to houses where mortgages are still running.

I believe it has only applied on sales on say the past 8 years or so. If someone bought a house e.g. 18 years ago and still has a mortgage running on it then probably this situation will not apply until either the morgage is paid off or the house is sold on.