maintaining a token balance

donglefan

It used to be recommended to maintain a token mortgage balance as a protection against fraudsters claiming your home, and also as a way to keep the deeds safe without incurring storage fee from your bank. 
Is there a protection still in asking the mortgage lender to retain a token balance?

Peter999_2

The best thing to do is to sign up to property alerts from the Government.   If anything is happening to your proper such as being sold or a charge on it, you'll get an alert.

Property Alert - GOV.UK

I've used it for a few years and it works great.   I sold my house last year and I got an alert (and an alert about my new property as well).

It tells you who has applied to make the change and their name.  So I could see my solicitors name and his company so would be easy to phone them up.       They send you an email with the alert and it's completely free.

I've got my house, my parents house etc.  set up for alerts just in case.

tacpot12

Your mortgage company should not have your deeds. These days they just rely on the title record at the Land Registry. If they do have your deeds ask for them back. They contain valuable information that the Land Registry don't record on the title deed or title plan. 

jackieblack

tacpot12 said:

Your mortgage company should not have your deeds. These days they just rely on the title record at the Land Registry. If they do have your deeds ask for them back. They contain valuable information that the Land Registry don't record on the title deed or title plan. 

That assumes the property is registered, of course