Should I pay conveyancers for a "Confirmation Of Ownership Transfer Form"

Galileo_Figaro

My conveyancers are asking if I want one of these, this is their explanation:

"Many people are becoming increasingly concerned about the risks associated with poor data protection.

We appreciate our clients need to maintain a high level of information security and therefore recommend that we obtain evidence of the formal transfer of ownership and discharge of secured loans at HM Land Registry following completion of your sale transaction.

This will provide peace of mind that your name and financial arrangements are no longer recorded against the title of the property you have sold."

I don't feel like I understand what it means in practice - I would appreciate a comment from someone who does! We don't have a mortgage so the secured loans shouldn't be an issue. And I have no problem with people seeing on the Land Registry that I owned the place, or how much I paid.

Land_Registry

i’ve not heard of one of these before but it reads as if they are effectively offering you something to confirm that the sale has gone through and the mortgage you has was redeemed. A bit like you have nothing to do with the property anymore. 

Many might expect that to be the final thing to be confirmed anyway as you paid them to ensure it happened but I’m guessing that either they charge for each step/stage as part of an online service so have broken it all down or the form provides something ‘more’ such as their taking responsibility if something crops up later? 

Will be interesting to see what others have experienced but I don’t think this is a generic conveyancing form so much depends on the firm involved 

davidmcn

Sounds like a pointless optional extra. 

Galileo_Figaro

For context, we're with My Home Move Conveyancing. It's an additional service they are offering. 

molerat

You mean pay the conveyancer for a piece of paper to prove they have done what you paid them to do ?

pbartlett

It is a piece of paper to keep just in case there is eg a hack against the land registry, or other error that would mean if one day someone told you the mortgage wasn't repaid or the house never belonged to you at least you have a formal hard copy.

Gentoo365

I seem to have opted into this as well. I was just told that it would be done. 
I read it is a final confirmation that all the admin had been done by them, the buyers solicitor, the mortgage company and the land registry.
I guess you could do it yourself but they would probably be better positioned to tell if something is 'wrong' and what needs to be done.
It seems to me that the risk is with the buyer, as they are probably the ones who would have issues if somehow ownership had not been formally transferred.

Galileo_Figaro

Thank you everyone, I really appreciate your input. Given that the bank have confirmed our mortgage is paid off, then this seems to be about ownership. In the unlikely case that ownership isn't ultimately transferred, we get a free house 

It's a good reminder to keep all of my document somewhere accessible and secure though. 

AnotherJoe

Mickey666 said:

pbartlett said:

It is a piece of paper to keep just in case there is eg a hack against the land registry, or other error that would mean if one day someone told you the mortgage wasn't repaid or the house never belonged to you at least you have a formal hard copy.

I suppose so, but do people not realise that for £3 you can get that information from Land Registry directly?

I wonder how much a conveyancer would charge for a 'certificate' confirming exactly the same thing?

Probably £50 plus the £3 LR fee

Kyresa

What an inventive way to create a new fee!

There's absolutely no need for you to pay this. 

You can be very sure that your purchaser's solicitors will soon alert your solicitors if they haven't done their job to discharge any charges!!