House Buy: Who keeps the papers?

boy_3

Just bought my first house and going to move in pretty soon. Had a chat with solicitor who said that all the property documents (deeds, maps, etc) are going to the Land Registry. Land Registry can take up to a year to work with them. Then, the mortgage company will have them or the solicitor will keep some of the documents.

My solicitor is very good, so I don't see any thing wrong there. But, just want to clarify the process. Am I supposed to receive any documents at all?
I thought I should have something to show for the ownership. Looks like I am only going to get the keys. How does the mortgaged house ownership work? Do mortgage companies keep all the ownership (and right to sell?), whatever the amount borrowed ratio? The house was mortgaged at 75/25 (25% mine).
If somebody can list the documents, it would be nice as well.

peterg1965

You will not see the deeds at all, my understanding was that the Mortgage company keep the deeds, I was not aware that they went off to the Land Registry. All you will have to show for your new purchase is, probably, a big mortgage bill!!

You can ask for a copy of the deeds from your lender but they will charge. It is usually a standard Tariff fee, about £100 seems to sound about right, but it can be more for an old house.

payless

ownership is lodged at the land registry as a computer record... mortgage infomation is held in a similiar manner

Some lenders keep the bundle of paperwork that was often referred to as deeds, although many return them to the account holder, and should be kept safe in case required for sale enquirey