Completion documents?

AdrianC

Argghhh wrote: »

The bank has my deeds for my house so hardly off whack

Deeds are meaningless for any property that's registered with the Land Registry - and that's been compulsory on pretty much all transactions since the 1980s.

so lose your attitude since a lot of your responses on here in the past have been proven far worse than mine has.

Actually, it was the bit about the house being the lender's that was the complete and utter codswallop. Clue: It isn't.

Argghhh

ok so if they dont pay the mortgage who gets to kick who out and sell it? basically they own your !!! until its paid off so yes in fact they do. stop playing on words - clue: try not paying and find out

AdrianC

Argghhh wrote: »

ok so if they dont pay the mortgage who gets to kick who out and sell it? basically they own your !!! until its paid off so yes in fact they do. stop playing on words - clue: try not paying and find out

Ohfertheloveofgawd...

YOU own the property. They have a charge against it in the event of a default.

It is not a hard concept.

Argghhh

answer these questions 1 by 1 seeing as you seem too thick to understand
1. if they default, does the charge on the property allow the bank to kick them out?
2. Do the bank get to sell property for as high as price but cheap in real terms to get as much money back as possible and then chase defaulter for remainder?
3: if the answers to 1+2 are YES - does that not in easy to understand for thick people like you mean they basically own it until the mortgage is paid?

it really isnt a hard concept - try it - until you have paid in FULL for ANYTHING, you own NOTHING

bobobski

http://www.legislation.gov.uk/ukpga/Geo5/15-16/20/section/101

You do own it, but your ownership is restricted by the mortgagee's powers over the property. They can't sell it without you having defaulted and their rights/powers having kicked in. But you can't sell it without their input either. I'd say a better incorrect summary of the situation is that neither of you own it. It's like a horrible little codependent relationship.

(People are still hating on banks, right?)

Argghhh

but on this point - as per ownership, the banks have way more say over it if you default - they choose to kick you out, they choose to auction/sell it off, they choose what price to accept - if not enough to cover the debt - tough and chase you for the rest,
just because it has your name on the paperwork saying you own it - in brackets it should say - until you miss payments and we choose to take it off you - just like a car on finance - you own it until you can't pay and they come and take it away.
Own nothing until paid in full when transfer of ownership goes from them to you and all charges fulfilled (or whatever the correct wording is)

bobobski

I haven't read the whole thing but here you go: http://blog.landregistry.gov.uk/land-registration-act-2002-10-years-charges-priorities/

It is no longer possible to charge a registered property by demise or subdemise, a method which had become obsolete in practice. The only methods of creating a legal charge of registered land (s.23, LRA 2002) are either to create a charge expressed to be by way of legal mortgage, or to charge registered land with the payment of money.

"Charge expressed to be by way of legal mortgage" is the modern mortgage; charging by demise is what OP was talking about. I think, anyway. S'been a long time since I studied this.

Lazarus_Blackstar

I cannot remember off the top of my head how long, but once you have completed your solicitor will be in touch shortly to arrange collection of documents, deeds etc.
When we completed on our house they just gave us a call not long after to say everything was now ready for us to go collect from them. This included said deeds, searches, suveyor report, and all the other guff when buying a house. Also included in ours were other docs vendor had passed on including damp proofing paperwork, cavity wall insulation paperwork, new roof paperwork, etc.
It's really nothing to worry about, they will be in touch as soon as they see fit.
The only thing our solicitor said was if we didn't collect by a certain amount of time, they would go in storage & we would have to pay to release them. Not sure if this applies to all solicitors though.
Good luck in your new home, I wish you a happy future!

AdrianC

Argghhh wrote: »

answer these questions 1 by 1 seeing as you seem too thick to understand
1. if they default, does the charge on the property allow the bank to kick them out?

Yes, it allows them to take over ownership from you, the borrower.

2. Do the bank get to sell property for as high as price but cheap in real terms to get as much money back as possible and then chase defaulter for remainder?

Yes, once they've taken ownership.

3: if the answers to 1+2 are YES - does that not in easy to understand for thick people like you mean they basically own it until the mortgage is paid?

No.

it really isnt a hard concept - try it - until you have paid in FULL for ANYTHING, you own NOTHING

But you HAVE paid in full - it's just that you've borrowed the money to do so.

G_M

Argghhh - I'm afraid AdrianC is right.

In legal terms you are an owner and a borrower.
The bank is a lender.
All lenders have rights to claim back their loan, in accordance with the loan terms, and the law allows them to do so in various ways, one of which is, indeed, repossession where the loan is guaranteed by a Charge on a property.

Indeed, repossession of an owner's property is not limited to a bank which has granted a mortgage. An individual who has debts of other types which he fails to honour risks losing ownership of his property eg to the Official Receiver in a bankrupcy situation, or via a Charge placed on the property by a court to secure a debt totally unrelated to a mortgage.

What you are really saying is that by taking out a mortgage, you are commiting yourself to repayments for a long time, with consequences if you fail to meet them, and with no way to get out of the commitment other than by paying them off.

Just like buying stuff on a credit card. You borrow cash for a month, or longer, but if you fail to pay off the card, there will be consequences. That is totally different to the question of who owns the stuff you buy.