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.