Advice needed for my Uncle

datcat

Hi I'm not sure if this is the right place, but I need a bit of help. I've also posted in the mortgae and endowments bit, but I think this might be the better :0)

My Uncle who is 75, has a small amount left on his mortgage just so the bank will hold his deeds for him (his words) and as far as I know pays a small amount each month. I haven't got a clue how much though and after talking to one of his mates (who is full of bright ideas) he has now decided that he pays too much for this and wants me (who hasn't got a clue) to look into this and see if there is anyway he can pay less.

Now me being me would have thought it would be easier to just pay off the mortgage compleatly and store the deeds somewhere very safely thus saving money. Or is it not as simple as that?

Errata

Now me being me would have thought it would be easier to just pay off the mortgage compleatly and store the deeds somewhere very safely thus saving money. Or is it not as simple as that?

Yes it is. He can still store his deeds at the bank usually for a very small fee, sometimes no fee at all. Or he can store them with his will, if that's stored securely.

Biggles

Bear in mind that, in most cases these days, the deeds are just historical documents and have no legal standing, the title to the house is normally with the Land Registry.

I have my deeds at home in an envelope, just for my own interest, it doesn't matter if they get lost.

The only exceptions would be some houses that haven't changed hands for many years, the date that various areas changed over from deeds to Land Registry varied as it was brought in. You/he will easily be able to check with the Land Registry, I think you can even do a search online very cheaply.

margaretclare

This is a very old and outdated idea - the mortgage lender will keep your deeds safe if you keep a small amount outstanding on the mortgage.

As others have said, lots of other places you can keep your deeds, if in fact you still want them? I was told I could either have them to keep, or they'd be sent to the County Record Office, or destroyed. Not needed any more now the Land Registry has the details online. I chose to keep them because they're interesting historical documents.

Mojisola

Get him to register ownership with the Land Registry and then, as others have said, he can do what he likes with the deeds. They will need to see the original paperwork in order to register the property.

No need to keep paying the mortgage company for ever. It will also make life much easier for his executors, not having to sort things out with a mortgage company.

Door_knockers_will_die

Just look here - http://www.landregistry.gov.uk/
Full info about how to register your property and check if it is already registered. For my area, all property that has changed hands after 1974 is registered.

Farway

I do not know as fact, but I suspect if he pays off the mortgage the mortgage co will tell Land Registry anyway, as the charge they hold on the property will be removed

chesky369

A lot of people complain the other way around - that the mortgage company will hold onto the deeds after the mortgage is completed unless they are paid to send them to the owner. In the end, though, it doesn't really matter - it's what the Land Registry says that counts.

Mojisola

Unless the Land Registry has seen all the deeds and you have filled in the relevant forms, the property will not be registered with them. If he has owned the property for a long time it is very unlikely that it is registered with them.

seven-day-weekend

margaretclare wrote: »

This is a very old and outdated idea - the mortgage lender will keep your deeds safe if you keep a small amount outstanding on the mortgage.

As others have said, lots of other places you can keep your deeds, if in fact you still want them? I was told I could either have them to keep, or they'd be sent to the County Record Office, or destroyed. Not needed any more now the Land Registry has the details online. I chose to keep them because they're interesting historical documents.

Same here,asthere are documents written in copperplate dating back to 1850, but they have no legal standing.

If your uncle or yourself makes sure his house is registered at the Land Registry, thern he can keep his historical deeds under the bed if he so choses.