title deeds in whos name.....

celtic1888

hi im paying of my mortgage with the northern rock 10 years early, ive got £28000 to pay inc £250 discharge of mortgage fee! (my family are paying it!)

NR have a system where you can leave the title deeds with them for a £1 nominal fee if you have the NRock insurance which i dont have so it would cost me a one of fee of £95.

im also told that if i pay it all off when they send me the title deeds i will need to go to a solicitor and pay £150ish to get them in my name!
is this correct, what the !!!!!! have i been paying NR for?

what would my best option be?
what would i have to pay NR if and when i then went to sell the house, would i have to pay them to send the title deeds to the new bank or building society???

cheers in advance
will

silvercar

I thought most properties were now registered with the Land Registry. If that is the cases the title deeds only have historical interest.

Bossyboots

celtic1888 wrote:

hi im paying of my mortgage with the northern rock 10 years early, ive got £28000 to pay inc £250 discharge of mortgage fee! (my family are paying it!)

NR have a system where you can leave the title deeds with them for a £1 nominal fee if you have the NRock insurance which i dont have so it would cost me a one of fee of £95.

im also told that if i pay it all off when they send me the title deeds i will need to go to a solicitor and pay £150ish to get them in my name!
is this correct, what the !!!!!! have i been paying NR for?

what would my best option be?
what would i have to pay NR if and when i then went to sell the house, would i have to pay them to send the title deeds to the new bank or building society???

cheers in advance
will

The property will be in your name but you need to get the mortgage entry removed on redemption. NR are likely to charge you a packet to release the deeds but you do not need a solicitor. Go to the Land Registry website, complete a form DS1 and send that to Northern Rock to seal and return to you. You then need to file that with the Land Registry for your property (which wil be on the deeds) and they will remove the mortgage entry from the property.

celtic1888

Nrock dont actualy say title deeds they say "legal documents signifying the ownership......"

i have to pay a £250 fee for discharge of mortgage fee, that seems to be all...
they will then send me the documents, i just want to know whos name they will be in
i thought the bank or B/S kept them but they were in my name?
is this right or wrong
ohh im in scotland does that matter
will

Bossyboots

celtic1888 wrote:

Nrock dont actualy say title deeds they say "legal documents signifying the ownership......"

i have to pay a £250 fee for discharge of mortgage fee, that seems to be all...
they will then send me the documents, i just want to know whos name they will be in
i thought the bank or B/S kept them but they were in my name?
is this right or wrong
ohh im in scotland does that matter
will

They will be in your name. You own the property, NR simply have a charge on it.

Ian_W

I wouldn't normally quibble with Bossyboots but when I redeemed my mortgage the fee to Coventry BS included them filling in the Land Reg forms to discharge the legal charge over the property and sending them off. The deeds arrived from the BS and shortly afterwards a letter from LR notifying us of the discharge and enclosing a copy of the register.

I would expect NR to do the same for you for £250! Don't know if everything works the same in Scotland though, which may account for the advice about a solicitor, but deffo don't need one in England & Wales.

Reference them keeping your deeds for a nominal if you use their insurance [con!!] or a less than nominal fee if you don't - the records kept by the LR are now sufficient and the only value of the paper deeds as far as I'm aware is historic, or ease of access if there are any specific queries about things like covenants, who upkeeps boundary fences etc. We keep ours at home with a photocopy at a close relatives.

HTH.

Bossyboots

Ian W, we were quoted £180 to redeem the morgage and prepare the discharge papers. It is worth checking exactly what is included in the price quoted as our quote was termed as £180 to redeem the mortgage or £90 if we employed our own solicitor to prepare the legal documentation. When I queried this, I was informed the "legal documentation" was the DS1. I do not know whether that has been removed or if abbey was perhaps unique in phrasing it that way. What was particularly galling was that abbey were part of the electronic pilot scheme so they only had to complete the DS1 and send it electronically to the Land Registry. I did not consider that to be £90 worth of work and told them we would make our own arrangements which we did and it did not cost a penny.

I do recall this subject coming up some time ago (not sure if it was this forum or not now) and someone then said that they had not been offered the choice of preparing their own documentation, they had to pay the full whack to the mortgage company for everything to be done.

It may well be different in Scotland as you say but you are correct that a solicitor is not needed in England and Wales for this particularly if all the work is included in the redemption costs.

Ian_W

Bossy,
I think your experience may have been an abbey-normality :rolleyes: !!

Most I believe now charge a HUGE fee whether you're redeeming or simply leaving for mortgage pastures new. The thread you refer to I think was here, a long one about A&L admin fee and the last post I saw on it was from someone who used to work in the redemption dept of a large lender. He reckoned the work involved was worth £25 max!! :eek: