Help am I being ripped off ??

BIGANDO

I bought my house in 1982 and have paid it off in full about 5 years ago. My building society charge me about £200 for keeping the deeds in deedstore. Do I need to pay this ?? If I were to get my deeds off them and subsequenty loose them what would be the consequences ??? Any advice pls Ta

Dora_the_Explorer_5

Store them with your will at your solicitor?

HGLTsuperstar

Deeds are now largely for historical interest as all are listed electronically on the Land Registry, so yes you are being ripped off and if you did lose them, there still exists proof that you own your house

BIGANDO

Thanks v much

I think it's time to pay Mr Halifax a visit and ask him why he has been charging me this money and could I possible have back the money he has charged me needlessly over the years !!

Dora_the_Explorer_5

BIGANDO wrote:

Thanks v much

I think it's time to pay Mr Halifax a visit and ask him why he has been charging me this money and could I possible have back the money he has charged me needlessly over the years !!

Surely it's not up to your bank to decide if you need to keep paper deeds safe or not - you decided, and they've charged you for storage, albeit at an exhorbitant rate.

cpjackso

(Edited slightly after spoke to gf)

HGLT is correct - however I believe that houses are only registered with the land registry when there are legal transactions, eg. sale or remortgage; ie. yours might not be on the register depending on whether you remortgaged recently (then the land would be compulsory registered). If there have been no legal "transactions" on your house in the last few years then it's likely that your house will be unregistered in which case your deeds are vital to be able to prove legal title and/or sell your house.

You can check if your house has been registered by going to www.landregistry.gov.uk. You can check your house up and/or buy the land registry documentation for £2. (Interesting if you want to be a nosy neighbour as well ).

If it's not registered - you can pay to voluntarily register your house and so you will no longer need to pay for safe keeping of your deeds.

HTH.

regularsaver1

the halifax do not charge you for the deedstore - you keep a £125 balance in there - and no interest is charged. if you want the deeds back then you pay it back

you are not charged £200 - i believe it was a £10 fee

but they no longer offer this service due to what the other posters state above

BIGANDO

Thanks for the advice people

I am sure I get a bill from them every year saying that I owe them money for deedstore . I thought it was a couple of hundred quid but I may be wrong. I will check it out tonight if I still have the letters. Certainly given me plenty to think about.

Thanks again

BIGANDO

I have checked out the land reg and my house is registered on there. But if I'm only actually paying a couple of pound per year for deedstore then I may as well leave them as they are.

You have put my mind at rest for once it seems I am getting VFM from my BS THANKS

regularsaver1

i'd check your balance with the deedstore mortgage - if it is over £125 you will be charged interest. if iut is under you will not