If you leave the deeds of your house with a bank, whether you pay for the service or not, and if the bank lose them, are they obliged to pay for duplicate deeds to be made?
That's interesting. I presume you are referring to people leaving the deeds where they are rather than them being lost though!Vanilla said:Yes, happens all the time.
Thanks - I'm surprised at that to be honest.Vanilla said:No, actually I was referring to banks losing original deeds. It happens fairly frequently. Well when you think of the large volumns of paperwork and deeds they handle, its probably a very small percentage, but enough that I have dealt with a number of applications for a duplicate land certificate where the original was lost by a financial institution.
Do many solicitors offer a deeds storage service to clients? Do they charge for it? Do you, as a solicitor, consider storage of the deeds in a bank safety deposit facility suitably secure? Do you think that, in spite of what is often said, loss of the deeds is not that big a deal after all? Any idea on the ballpark figure involved in replacing lost deeds?I do frequently get asked by clients to deal with the vacate and thereafter store their deeds in this situation.
I can't see why anybody would be wary of this. You collect the deeds, take them to the Land Registry (or maybe Registry of Deeds in some cases?), go to the counter, tell them the mortgage is cleared and you want the lender's interest removed, let them do it and pay them the required fee (c. IR£25 in 2000 if I recall correctly) and then take the deeds off for safe keeping. Nothing to it really. Unless you know of other complications that can arise?Not everyone would be comfortable dealing with the vacate themselves, though it is not at all complicated.
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