In possession of title deeds

I recently switched investment mortgage from bank a to bank b. My old bank have given me the deeds. Should these not have gone to the new bank? What are the pro's and cons of me holding onto them?

Re: In possesion of title deeds

Do you have a Land Registry folio number among the documentation?

Re: In possesion of title deeds

dublinaam said:

I recently switched investment mortgage from bank a to bank b. My old bank have given me the deeds. Should these not have gone to the new bank? What are the pro's and cons of me holding onto them?

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Are you sure you have the original title deeds and not just a copy?
Were you using a solicitor or is the new lender dealing with this?

If you have the original title deeds, yes they should have been given to your new lender or solicitor to have your old lenders interest removed and to have the new charge in favour of your new lender registered. Pass them to your new lender/solicitor.

Re: In possesion of title deeds

dublinaam said:

What are the pro's and cons of me holding onto them?

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Most obvious con is that you could lose them, or they'll get damaged or destroyed.
At least if the bank have them, they are responsible for them.

Re: In possesion of title deeds

The first thing to establish is whether these are original deeds, copies or whether it's Land Registry title. Then we can decide what needs to be done.

Re: In possesion of title deeds

they are originals.if worse case scenario I lost my job and couldn't pay mortgage would this prevent repossesion of the house?

Re: In possesion of title deeds

If the bank don't have the deeds .... well they can't do much with the house if you default.

I would suspect, however, that it's not as simple as this .... if you defaulted on your mortgage I'm sure they could apply for replacement deeds if you signed on the dotted line that they have an interest in your property until you pay off your mortgage. Check your loan agreement.

I don't think you will be at any 'advantage' having them. I am surprised that they have made such an error as this not to have them.

Even though I have paid off my mortgage .... the bank still has them (my choice) for safe keeping.

Re: In possesion of title deeds

No. It would just complicate the bank selling.

Have a look through to see if there is any reference to a Folio Number. If there is, it's probably a Land Registry title, and in that case, there's no problem as the title is proved by registration in the Land Registry, and the documents you have are not important (EDIT: unless there's a land certificate there)

If they are original deeds, what you need to do is get them to the bank, or your solicitor asap for safekeeping, as without them you cant prove your title to the property. You might know where they are, but God forbid if something happened to you, you're leaving a serious problem behind you.

Re: In possesion of title deeds

I have a folio number on a property registration authority doc. Also a land registry doc. Have numerous docs including register of deeds search and land registry docs.

Re: In possesion of title deeds

It's Land Registry title. The original title documents are held in the Land Registry (Property Registration Authority), so there's no need to worry whether they get lost.
The only proof you need of your ownership of the property is the folio number, which should list you as the registered owner on part 2.

The only document you might have that would be important is the land certificate (if there is one), and even then, land certificates will be abolished at the end of 2009.
Have a root through and see if one of the documents says land certificate on the cover. That one is important at the moment, but will cease to be soon enough, so I wouldn't be too worried about spending money on safekeeping. In fact I'd send it to the Property Registration Authority and ask them to cancel it at this stage.
The rest are useful, so I'd keep them somewhere safe, but I wouldn't be too worried if they got lost, so don't send them to someone who will charge you for it.

Re: In possesion of title deeds

There are certified copy folio and filed plan folio. Requisitions on title. Booklet of title. I was surprised the bank gave me all this as I thought the legal firm for the new bank would have taken all these.

Re: In possesion of title deeds

dublinaam said:

There are certified copy folio and filed plan folio. Requisitions on title. Booklet of title. I was surprised the bank gave me all this as I thought the legal firm for the new bank would have taken all these.

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They should have sent them on to the solicitors for the new bank but obviously someone made a mistake. It happens. If you do not have an original land certificate among the documents then the new bank will not need them. There are still some potentially important documents among what you have though more for your own sake than the banks so I would suggest you send them to the solicitors.

Re: In possesion of title deeds

I presume that the new mortgage has been registered on the Folio? I would give them to your solicitor rather than the new bank.

Re: In possesion of title deeds

dublinaam said:

I recently switched investment mortgage from bank a to bank b. My old bank have given me the deeds. Should these not have gone to the new bank? What are the pro's and cons of me holding onto them?

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If you bought the property through an equity release on your own home, for example, I think you would be entitled to have the deeds to the second property as you mortgage would be on the first property. That happened to me and I gave them to my solicitor for safe keeping.