What happens with your title deeds?

Threadhead

I'm a bit of a cheat coming into the mortgage free wannabe board...

I had planned to start overpaying this year, but was diagnosed with a critical illness at the beginning of the year. The good point of this is that almost all of our mortgage was covered by a CI policy, and now we have about £2,800 left outstanding.

We are tied in until next July, and plan on paying interest only until then in order to avoid the ERC. We will be able to clear the mortgage in July.

So my question is - when the mortgage is cleared, what happens then with title deeds? To we have to pay to keep them somewhere, or are they all held electronically these days?

Threadhead

any ideas?

Goldenyears

It can be historically interesting to get the paper deeds returned from the lender's archive although as you know you don't need them any more to prove title to a registered property. I have mine but 5 years ago I can't remember whether I paid a fee separate from the mortgage redemption fee.

A lot of the paperwork you would already have copies of. Among the interesting stuff in mine were estate agent photos from 50 years ago as a new build, the price paid by all the previous owners and the history of land transfers going back 30 years before the house was built.

Fruit_and_Nut_Case

Threadhead wrote: »

any ideas?

Our solicitor is storing ours at no extra charge.

originator

Re the critical illness payout..... I was naughty and spent mine on new pc,flatscreen tv, printer,topnotch speakers and all that upgrade stuff lol.It's only now 18 months from getting the all clear I decided to overpay my mortgage.Got my critical illness insurance as an afterthought at the time of mortgage application,so glad I did and would reccommend it every time,you never know what's round the corner in life.

diable

Its all electronic now so it doesn't really mater.

Threadhead

originator wrote: »

Re the critical illness payout..... I was naughty and spent mine on new pc,flatscreen tv, printer,topnotch speakers and all that upgrade stuff lol.It's only now 18 months from getting the all clear I decided to overpay my mortgage.Got my critical illness insurance as an afterthought at the time of mortgage application,so glad I did and would reccommend it every time,you never know what's round the corner in life.

Totally agree - when/if my kids eventually get mortgages, and can't afford whatever extra it is for critical illness, we'll pay it for them. I've been diagnosed with MS, so won't get the "all clear", however I am well at the moment.

Thanks for all your replies. xx

Sashk

The land registry keeps them electronically now and when you pay off your mortgage your lender should contact them to discharge themselves off the property. When I rang our solicitor for a hard copy they said the deeds had been "de-materialised" meaning there were no longer any physical deeds.