Bank want me sign new mortgage deed

L

Luternau

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I have been advised by a bank there is no copy of a mortgage deed for a property I own on file. (They do have a lease on file.) They now want me to sign a new one and will facilitate same. They suggest I get independent legal advice on this.

What are the down sides of this for me? None? Some? If it's not in my interest to sign, what happens then? Does this weaken their security on the property? There are no arrears on the property, but there is neg equity.
 
I'm going to assume you are with UB given they seem to be trying to sort out the mess they have with missing deeds.
Unless you are intending on selling, the bank having the deeds at this point should make no difference to you. Whenever you want them back after the mortgage is settled, they will still have to cover the costs since they lost them. Make sure you have the current information in writing too.

Also it is normally standard practice to get compensated for time involved with this. I've only seen it where the bank covered extra solicitors costs during a sale, but it makes sense that they should cover your legal costs within reason too.
 
Hi Luternau

Why do they have no deeds on file? Did your solicitor not give them to the bank or did the bank lose them?

Presumably it's in your interest to have proper paperwork on your property. There are many threads on askaboutmoney where people are having big difficulties selling their house or people are wary of buying when there are no deeds in place.

Bank has lost my title deeds. Land registry - Askaboutmoney.com

Key Post Missing title deeds / PRA insurance requirements ...
"We are sale agreed on a house that has missing title deeds. The vendor is supplying an insurance bond to cover the scenario where someone turns up with the deeds after purchase and claims ownership.

We are waiting for the PRA and insurance company to come to some agreement, if not the sale will fall through. "

Nationwide Solicitor has lost our house Title Deeds ...


I think Bank Lost My House Deeds- Now What? - Askaboutmoney.com

" I have literally called them once a week for 8 months and they keep telling me that they will get back to me/and or solicitor.

And still nothing.

It appears as though they have lost them. Is an 8 month wait insane? :eek:

I want to sell my house but it would be difficult without the deeds."



It seems to take a long time to sort out, so you might as well sort it now when there is no pressure on you.
 
It would appear that from the Post it is the mortgage document that has gone missing and not the deeds (Land Cert!). If you are satisfied that all the Bank are looking for is fully in line with the original L/O then you should progress. However, you are entitled to the opinion of your solicitor on this and the Bank should compnesate you for any legal fees involved. Write back to them and advise that you will be obtaining the opinion of a solicitor before signing any documentation and want their agreement to cover the reasonable fees involved with this. If they don't agree then leave the ball in their court.
 
Thanks for the replies guys. It's as 44Brendan says-mortgage docs not title deeds.

My solicitor is dead or very I'll. I don't have access to the original files nor does the bank. I don't know if they lost them or if they were not presented to them on completion.

I have no way of knowing whether a new document is a carbon copy of the original document. The bank is already trying to remove the tracker from this property and this along with others are subject to legal action against the bank. In light of this, I would be wary of signing any new mortgage documents as there seem to be nothing in it for me!
 
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