title deeds storage

1888

bought my house last year and my estate agent/solicitors said they would hold onto my title deeds for me , now i get a letter saying itll cost me £50 one off fee for them to hold onto them for me.
says this includes an insurance incase they need replaced as thats expensive??
should i pay or just ask for them back, thanx

McKneff

i would ask for them back,

As far as I know, paper deeds are just that, paper.

Everything is held electronically at the land registry and if you need the deeds say after 5 years, it wont cost you £250 (5 x £50) to get a copy.

People seem to think the deeds are worth the cost of the house, they are actually worth the paper they are written on.

They are pulling a fast one in my opinion.

I just have mine at home, its free.

G_M

The actual Title is held electronically by the Land Registry. However there may well be other related documents that are important.

But this fee is a rip-off.

Personally I keep all mine in a fire-proof safe at home, but it's your choice.

Slinky

I hope it's the solicitors who have them, not the estate agents!

sirmosh

I just keep mine in a fire-proof safe, I hear various stories of deeds being held in a supposedly safe place being destroyed or misplaced so to me keeping them with me seems like the safest thing to do.

McKneff

I dont even bother with a safe, for the reason Ive said.
The actual physical deeds are for sentimental reasons to be honest.

sirmosh

McKneff wrote: »

I dont even bother with a safe, for the reason Ive said.
The actual physical deeds are for sentimental reasons to be honest.

True, but since my house was built in 1832 it would be a shame to see an almost 200 year old document gone.

googler

Fireproof boxes can be had from B&Q for £20 - 30.

Put 'em in there and keep them in a cupboard or attic.

Richard_Webster

my estate agent/solicitors

.

I agree with the general tone of the posts about the electronic documents etc.

Two points, however:

1. Reference in quote above suggests the property might be in Scotland. If so, most of us won't know the position and you would need to get advice from someone who knows about Scottish property law practice.

2. If it is in England/Wales then apart from the proof of title the bundle of documents can contain other items that could be a hassle or expensive to replace - planning permissions, damp proofing guarantees, consent sunder covnenants, etc.

propertyman

McKneff wrote: »

I dont even bother with a safe, for the reason Ive said.
The actual physical deeds are for sentimental reasons to be honest.

But a safe is good thing perhaps while you are away valuables can be kept in it, making it generally useful.

Small safes are £ 50 to £200 + and can be DIY fitted and concealed, big enough to fit the fireproof box as suggested by googler

Richard_Webster

I disagree with the rest of the above post.

Well, Timmy, I did make the point about the other documents that could be difficult/costly to replace in my post but you have amplified it.

If you get the pack from your solicitor, it is best not to throw out things you don't think are important, because they could be. Most guarantees for works of various kinds are worthless unless the reports/quotes/contracts etc which detail the works are also kept.

A typical damp proofing guarantee will simply guarantee the work set out in the report and survey reference number XYZ12345....and without that you don't know where the work was done.

It is quite normal for these reports to be lost and only the guarantees to be available when I am acting for a buyer! Of course the company that did the work may have gone into liquidation, but that's another matter!