The mortgage. You think it is all over?

[empip]

It may not quite be so...
http://money.independent.co.uk/property/mortgages/article3104578.ece

...some lenders are slow at getting their name taken off the title deeds at the Land Registry and in relinquishing their "interest" in the property...

...the Woolwich says it has switched to a new electronic system under which the Land Registry is automatically advised to "discharge" any interest in a property once the final payment is made. This is included as part of the bank's £275 exit fee.
But the varying processes among lenders can be confusing. Nationwide says that, as part of its standard mortgage redemption procedure, it completes and issues the relevant form to the Land Registry to confirm it has no further interest in the property.

Britannia, though, will close down a customer's mortgage account but retain the paperwork and title deeds, meaning that, on paper at least, it appears to retain an interest in the home...

Apparently this admin' tardiness is resposible for 30% of completion delays.
Within the complexities of the Banks' business, I wonder if the 'paper only interest' can be utilised for the benefit of the company, or is it nothing more than poor procedure?

 

[securespark]

Shudder...

I'm glad ours are lodged with our solicitor!

 

[Bahco]

The Society keeping the title deeds is a good thing.

It saves you paying some other organisation £30 a year to keep them safe for you.

 

[Softus]

Who cares?

 

[Bahco]

Who cares?

I see you are full of the joys of Spring today.

 

[Softus]

As it happens I am, which is why the location of mortgage deeds and the scurrilous incompetence of building societies and banks seems singularly unimportant.

 

[JohnD]

The Society keeping the title deeds is a good thing.

It saves you paying some other organisation £30 a year to keep them safe for you.

The Land Registry has the definitive version.

You or your solicitor or anyone else just has a copy. No need to pay to have it stored. Just get a new copy if and when you need it.

A bit like the registration document of your car

 

[Bahco]

The Land Registry has the definitive version.

You or your solicitor or anyone else just has a copy. No need to pay to have it stored. Just get a new copy if and when you need it.

The robbing solicitors / banks don't tell you this and take good money off people to store deeds!

 

[bernardgreen]

Or keep your mortgage active at around £10 outstanding. The building society look after your deeds for you and the interest on £10 is far less than the cost of safe storage in a bank.

And if you need money for something the mortgage can be used to get that money with out the need to go through all the hassle of staring a new mortgage.

 

[Bahco]

Or keep your mortgage active at around £10 outstanding. The building society look after your deeds for you and the interest on £10 is far less than the cost of safe storage in a bank.

I tried that one but they wouldn't allow it.

 

[plugwash]

The Land Registry has the definitive version.

IIRC whether that is the case depends on when your property was last sold.

 

[JohnD]

True, and also what part of the country as it was rolled out over time.

But it's been running for 30 years or so

 

[Softus]

One of my cats has a small white patch on its underside.

I know this isn't very interesting, but since this is a topic about extremely uninteresting things that have no relevance to anything, and never will have, I thought it was the best place to mention it.

So, just to be clear, I have another cat that has different markings.

 

[joe-90]

Do tell us about the markings on the other cat.

 

[megawatt]

Tell me about your other cat's markings Softy boy as I agree it would be more interesting than this topic