Confused - Standard Security and Deeds

HappyScotsman

I'm looking for some help understanding terminology and process.

Back in the 1980s my father bought a building with the Bank of Scotland providing the money. I believe they referred to is as "Standard Security" so they could sell the building if my dad defaulted though I'm unsure of it's meaning.

The building was built back in the 1850s so is on the Register of Sasines and, when my father died, ownership was transferred to her along with the Standard Security update. Standard Security has long since been released.

After my mother's death, I've been wondering if the paper deeds exist. Certainly no deeds were found when sorting mother's effects nor did enquiring via her solicitors reveal anything. Would they have been given to the bank? Is just the recording in the Sasines enough?

molerat

The deeds would normally have been held by the lender and when the security was discharged they would have been passed to the solicitor dealing with it and on to the owner or held in safe storage on their behalf - your mother could have lodged them for safe storage anywhere. So what has happened with the property since your mother's death ?

HappyScotsman

I have a very vague memory of a call from the bank asking if she wanted them to keep hold of the deeds. I think the answer was yes just in case she needed to take out a loan to cover something else. 

The solicitor at the time didn't receive them, though it was made more complicated since the solicitors firm split up. Tracing through the various incarnations afterwards, no deeds were found. I have to assume the bank kept them.

The building has just been ticking over since her death. As joint executor, I've been pondering doing a first registration to make whatever happens next a bit smoother.

Heedtheadvice

When the property changes hands you must now lodge the details with the Land Registery.( not sure if that is through inheritance or just sale)

Some of the details in the reg of Sasines and the deeds could be very useful for the basis for that. 

You can look on the Land Registry to see typical records.

I would suggest involving a solicitor at the outset.

I take it that you have been or are going through Confirmation and already have a solicitor acting for you....?

HappyScotsman

Seems the deeds aren't absolutely necessary since the Sasines records hold Mother as the owner. Where it is slightly more tricky is the Sasines don't show what she owns so the boundaries need to be defined. Thankfully as the building is mid terrace, and the buildings on either side are in the LR, the physical boundaries are obvious.

Mother lived in England so we have Probate. No solicitors have been engaged yet.