Remortgage....title deeds

1jim

Hi
I am currently remortgaging from Coventry BS to Cheltenham and Gloucester, the coventry have sent me a form to complete to authorise repaying the mortgage and want to know where to send the deeds, my soliciotor (working for and paid by c&g) say that they dont get involved in this, the c&g say that they dont want the deeds either........ Is this usual I thought the mortgage companied held on to the deeds until the mortgage was paid
thanks
Jim

Robert_Sterling

The deeds are not as important as they once were.
Building societies and banks do not need to retain them.
The owner can retain them or make arrangements for some one else to look after them. They might be useful if there are any boundary disputes.

This is not Legal Advice just my understanding of the current position.

david29dpo

you are correct. the deeds are of " historic purposes only ". all necessary information is held at the land registry. it costs a lot of money to store all these deeds, so they dont want them! keep them safe in case you fall out with next door!

1jim

Thanks for that, didnt realise that building societies didnt want these anymore, I just assumed that they kept hold of them just like our current building society does,

do you know what solicitors charge to hold these? is it a huge problem if I keep them and they get destroyed (eg in fire)

thanks
Jim

never_enough

As far as I understand they don't need the paper copy anymore, so I guess they must be stored electronically. You could always keep a copy with a relative or friend if you wanted the peace of mind. Or scan & e-mail them to a yahoo (or similar) e-mail address that you could access from anywhere.

1jim

never_enough wrote:

You could always keep a copy with a relative or friend if you wanted the peace of mind. Or scan & e-mail them to a yahoo (or similar) e-mail address that you could access from anywhere.

thats a great idea:beer:
was starting to think that I would have to pay a solicitor to keep these deeds for me and was worried that the cost of this would start to outweigh the savings by remortgaging

never_enough

1jim wrote:

thats a great idea:beer:
was starting to think that I would have to pay a solicitor to keep these deeds for me and was worried that the cost of this would start to outweigh the savings by remortgaging

I do this with my insurance, passport & ticket details when I'm abroad-just in case of emergencies...although then someone said I should worry about internet security...but as I never use that account for e-mail I think it's reasonably secure? Always gotta have something to worry about...

My parents have pics of all their furniture/jewellery & other stealable items stored in the same way,along with copies of receipts etc