Mortgage Paid!

[10ClarionSt]

I don't know if this is the right section for this but I've just finished paying for my house and I now have the deeds. What should I do now? Do I have to contact anyone? I'm a bit baffled really because although I've got what's called the deeds, I've actually got nothing that says the house is mine. Nothing from the Building Society to say that mortgage has been paid in full. All I've got from them is the usual annual statement showing a zero balance. Has anyone else done this before? Help appreciated. Thanks.

[lady_p_gold]

I believe I am right in saying that the Deeds as such have little relevance these days .. it is the Land Registry records which count.

[Buenchico]

The house has been your property since the moment contracts were exchanged many years ago. All that has now changed is that there is no longer a debt secured against the property. (The 'zero statement' is sufficient to prove this).

As lady_p_gold has indicated, the paper deeds now have little relevance, as the computerised records of the Land Registry are the principal record of property ownership. These records will already show you as the owner of the property.

So there's nothing for you to do (except enjoy the extra disposable income!).

Chris

[Killerschick]

As previously stated you should have been the registered owner since purchase. What will have changed at the Land Registry is that the lender's Charge should have been removed. If you want to check whether this is the case you can get a copy of land registry records. See the Land Registry website for details:-

www.landreg.gov.uk

[funnywebsite]

I bought a house recently and I still have a mortgage but they didn't want the deeds, my solicitor is looking after them for free.

I was told though by someone else there are no proper deeds anymore, its a land registry form.

[themas]

Despite all the above, if I were you I would make sure the Deeds are kept very safely. It is quite possible that they may contain documents that are relevant to the property but not on the Land Registry record (for example, planning or building regulation consents) which could be needed when you come to sell. Also, particularly if the house is old, the Deeds might be useful if there was ever a boundary dispute as the Land Registry plan is often small scale and can be unclear about precise boundary location. However, it could be that all you have got is the Land Registry Land Certificate document, in which case the above does not apply but - in my view - it is still very worthwhile ensuring you keep it safe. After all, mistakes have been known to occur, even in the best controlled computer systems, and having your own evidence of ownership would make it far easier to correct if one occurred.

You say you've got nothing that says the house is yours but you should have the Land Certificate. Section A - Property Register - should give the address of your house, and Section B - Proprietorship Register - should give your name as owner. If you haven't got this, query it with your mortgage lender.

[Gef]

Not sure if this is still the case (in Scotland) but you should always leave about �1 of the mortgage unpaid. That means that the building society are responsible for looking after the deeds but also that you are a member if the society has a windfall. Remember losing out on this a few years ago because my mother (who had just died) was in credit with the society.