Completion documents?

Argghhh

we are technically speaking about ownership on paper but my whole point from the beginning is until its paid off its not entirely yours. and can be taken off you - ownership to me is when its all paid for and you can close your door and as long as you secure no loans etc against the house - you are safe in your own little castle
The part that i took offence to is the manner in which he decided to try and patronise me. if he had been like that with me face to face he would be visiting a dentist, all he had to say was things have changed, they dont have your deeds anymore, (i wonder where the hell mine are then) and although the banks can take it back off you - you are technically on paper the owner. But no he sits behind his little keyboard trying to belittle me. Well AdrianC why dont we meet up in a pub for a drink and have a chat

AdrianC

Argghhh wrote: »

we are technically speaking about ownership on paper

What other kind of ownership is there?

but my whole point from the beginning is until its paid off its not entirely yours

Yes, it is.

and can be taken off you

If you don't repay the money you owe.

ownership to me is when its all paid for and you can close your door and as long as you secure no loans etc against the house - you are safe in your own little castle

So that'll be "never", then. Since, even once you have paid the mortgage off, you could still find yourself having it seized and sold through a court order as part of a bankruptcy procedure... Or perhaps you've put the house up as security for a loan other than a mortgage.

The part that i took offence to is the manner in which he decided to try and patronise me. if he had been like that with me face to face he would be visiting a dentist, all he had to say was things have changed

They haven't. You've ALWAYS been the owner, the bank has never been the owner.

they dont have your deeds anymore, (i wonder where the hell mine are then)

Unless your house has never been registered with LR, then there are no deeds. The LR registration replaced them thirty years ago.

Well AdrianC why dont we meet up in a pub for a drink and have a chat

Was that a threat?

You could always just admit you were wrong, like a grown adult - but no, you resort to personal attacks and veiled threats of violence. Nice chap.

Rain_Shadow

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?
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

If your mortgage is being paid on time can the bank sell your house?
Why not?
Could it be because it isn't theirs to sell?

TrickyTree83

AdrianC is absolutely 100% correct.

The bank does not own any part of your house. None of it, nada, zip.

You owe the bank £XYZ, there is a charge placed on the property which means if you fail to repay what you owe that the mortgage lender has the right to take ownership and sell it to recoup their losses.

So you do in fact own the property, but the lender has a right to swoop in and take if from you if you don't pay the loan they gave you. Hence the terminology 'Owned with a mortgage'. If you were to pay the mortgage on time, for the duration of its term the bank cannot at any time sell the property - therefore they do not own it. You do.

I think it would have been better to admit you were incorrect than to try to defend a position which is clearly incorrect and then insult the guy because he was correct and you weren't.