House deeds - who should hold them?

Watson

Just before the financial world exploded, I changed my mortgage provider.

To my considerable surprise, the original lender has just sent me the deeds to the property. They make fascinating reading and I'm pleased to have them, but shouldn't they have gone to the new lender?

Many thanks for any thoughts.

JHW

maninthestreet

I re-mortgaged from HBOS to First Direct last month. About a week later I get a letter from HBOS asking where they should send the deeds. I called HBOS and asked them to send them to my home address. About 2 weeks later I get my deeds - but they've been sent to me by HSBC (FD are apart of HSBC), stating they don't require my deeds.

Watson

Thanks for that. My remortgage was from a small provincial building society to the Halifax. Maybe I should ring the Halifax and ask them if they'd like to look after the deeds for me.

Are the deeds the actual proof that I own the property? Are they incredibly valuable?

JHW

rsykes2000

I think as all transactions are electronic there is now no need for the lender to hold the deeds as before. They aren't valuable, but are a historic record so hang on to them.

Noz

A decent synopsis of the situation:
http://www.askbm.co.uk/mortgages/deeds/demat.asp

Watson

Thanks for the answers. That article is interesting: is "dematerialisation" really a legal term? Very Doctor Who...

JHW

terryw

Basically, as stated above, they have no real value but worth hanging onto as
1 historic and sentimental value
2. it is just possible (but not likely) that there might be stuff to do with rights of way or suchlike which has been missed by the LR or refers to a different adjoining property
and
3. the word "deeds" sometimes covers things like planning permission or building regs which just might be needed (but again not likely) when the property is sold and it is expensive to get copies from the council

terryw
.

savingsinblackhole

My solicitor sent mine back in the 70's saying "I should keep them for some considerable time" He was also one of the building society's solicitors.

savemoney

I have never understood how people get them

I have had two house and 3 different mortgages and no once have I been asked or its even been mentioned if I would like a copy

Noz

savemoney wrote: »

I have never understood how people get them

I have had two house and 3 different mortgages and no once have I been asked or its even been mentioned if I would like a copy

When was the last time you remortgaged? Is your property registered?

savemoney

I got present house in Feb 06 and hopefully changed mortgage before then Jan 09

My 1st house in 1989 and re mortgage again in 2003/04 but never asked once about deeds