End of mortgage and Deeds??

Thrugelmir

IftiBashir wrote: »

I wasn't at the end of my term - I just paid it all off in a lump sum early.

Same principle applies. You aren't the only person in this position. Certainly isn't a matter to get stressed over either. Which appears to be the case.

Land_Registry

Just to clarify a few things from a Land Registry perspective and to cover some of the OP's postings

Most major lenders now notify us electronically when the mortgage (registered charge) has been redeemed/discharged. If just the redemption/discharge then this is done instantaneously so should not be impacted by any delays.

Lenders will of course vary with regards how quickly such applications are submitted. If they have asked us to notify you once completed then you would receive a notice at the address quoted against your name on the register.

The entry you have quoted is a Restriction associated with the mortgage, which is shown as a registered charge in the C Charges Register. These are standard and are removed as and when the charge entries are also removed.

There is no 'transfer' involved here as this is a term used to describe the most common way of changing the ownership so not relevant to a redemption/discharge. The registered proprietor as named in the B Proprietorship Register, namely you is the legal owner of the property. The registered proprietor named in the C Charges Register, the lender, is something quite separate.

You can view/download the register online for £3 or obtain a paper copy by post (£7) but there should be no need to check that the register has been updated although I appreciate some people like to make sure. Our online guidance covers the search process for you

The view/download or paper copies will have no value when you come to sell, remortgage or lease the property as any buyer/lender/tenant would simply check for themselves rather than rely on any details you might then hold.

Mojisola

Land_Registry_representative wrote: »

paper copies will have no value when you come to sell

But they could be of interest to the buyers, especially if the house is old. It's a shame that a lot of paper deeds are being destroyed once the house is registered with the LA.

terryw

Mojisola wrote: »

But they could be of interest to the buyers, especially if the house is old. It's a shame that a lot of paper deeds are being destroyed once the house is registered with the LA.

Agreed. It is worth hanging on to the paper deeds as sometimes things like planning permission, building regs, guarantees etc have been put in the file apart from the historical and nostalgic value.

Land_Registry

Mojisola wrote: »

But they could be of interest to the buyers, especially if the house is old. It's a shame that a lot of paper deeds are being destroyed once the house is registered with the LA.

Mojisola - I was referring to the paper copy of the register available for £7 now rather than any old deeds/documents.
Old deeds and documents are not held by us or destroyed as they are returned to the applicant when a property is first registered.

In this case I doubt if the OP or their lender ever had the old deeds and documents if the property has changed hands several times since first registration. If they did then they would not have been destroyed by us.

terryw - we are not involved in planning permission, building regs, guarantees etc and these are again documents the owner would retain or keep safe as they saw fit.

Historically borrowers/lenders would have expected to have and to hold the original and old deeds but that is no longer the case. They can have 'value' but as far as proving legal ownership is concerned that is no longer the case once registered. Hence they are returned to the original applicant and reliance is then placed on the electronic register for such confirmation.

GadgetGuru

Many thanks for the valuable information.
I do have the old deeds, which were passed across to me when I originally purchased the house, along with the warranty etc (property was built in the early 90's I think.
I purchased a copy of the deeds from the LR a few days back for £3 just out of interest and although I was down as the registered keeper, Natwest bank are still down as the proprietor and it states I cannot sell without their agreement etc - I'm assuming this will be amended in due time?
I'm still keeping the property for the next 2 years or so before I sell so there is no hurry, and I'm not too fussed for a fast resolve, I just wanted to make sure everything from my end was done so I have no problems later down the line when I do decide to sell.
Thanks.

Land_Registry

IftiBashir - thanks for the additional information and as you rightly state better to confirm it has all been done now than wait and find out in 2 years time.

Lenders do vary with regards how quickly they complete such matters so I would be asking them to confirm when it has been done rather than pay £3 each time to confirm.