Should I have the deeds?

[Severne19]

Hi,

Now don't yell at me if this is a stupid question - but should I have the deeds of my house?
I bought my house a few years ago when I was younger and more naieve - and when I was closing my solicitor advised me to leave the deeds with them.

I drove by the solicitor's office the other day and noticed that they have moved to a new location - it just got me to thinking. What if they closed/went bust etc? Would it be a costly and time consuming to get my hands on the deeds and any other legalities ?

Is there any other legal documents I should be retaining a copy of?

Thanks

 

[kmick]

Most likely your solicitor has given the deeds back to the bank. They hold them until you have paid off your mortgage (that is assuming you have one). Once the loan is paid off the bank will transfer your deeds back to the solicitor and they should hold them in a fire proof safe. You can hold them yourself but if they were lost/destroyed it would be inconvenient to say the least.

 

[j26]

If the property is registered in the Land Registry (you will have a folio number), then the original deeds are stored permanently in the Land Registry and all you need as proof of title is a certified copy of the folio.

If it is not registered in the Land Registry, it is "unregistered land" and you will need the original deeds to convey it on to someone else. To address your specific concern, I believe the Law Society assists in the closure of practices and ensures that important documents are not destroyed and can be found (as much as possible). If the deeds do get lost, it's not the end of the world as title can be reconstituted through copies, Registry of Deeds records etc, although this will cost a few quid and probably take some time. Defective title insurance can also be obtained.

If the land is unregistered and you have a mortgage, the bank will have them. Othewise, most people leave their deeds with the solicitor, but there are some who want to hold on to them.

If you are thinking of selling, make sure that you have access to the deeds before you put it on the market, especially in the present circumstances as buyers will be on the lookout for excuses to withdraw, or reduce their offer.