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AliMc

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Fade and Die said:
Paid off the Mortgage today!??

Been overpaying for a few years now and today I sold some Crypto and paid off the remainder. Happy days. Apparently the bank doesn’t hold the deeds, they are held by the land registry so give it a week then write to them! ?
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We paid ours off a few years ago, we were with Nationwide, they hold the deeds for a notional amount of £1, every year we get a statement showing a balance of £1, we are in Scotland, maybe it's different where you are
 
GB72

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AliMc said:
We paid ours off a few years ago, we were with Nationwide, they hold the deeds for a notional amount of £1, every year we get a statement showing a balance of £1, we are in Scotland, maybe it's different where you are
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In England, title deeds are a bit of a misnomer. Since the advent of Land Registration, the electronic records stored at the Land Registry are the deeds and any paper deeds are merely a print out of this. You can get a copy of anyone's legal title online for £3.00.
 
GreiginFife

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AliMc said:
We paid ours off a few years ago, we were with Nationwide, they hold the deeds for a notional amount of £1, every year we get a statement showing a balance of £1, we are in Scotland, maybe it's different where you are
Click to expand...

Not sure why Nationwide are doing that or the symbolic nature of the £1 balance.
Once your mortgage has been paid off, the security that Nationwide held is discharged and Nationwide have no further involvement in the property or the deed.

Your deeds are held by the Registers of Scotland either in the Book of Sasines or on the Land Registry System (depending on when it was last registered (e.g. disponed, re-mortgaged or voluntary registered)). Albeit that the Book of Sasines is only notionally a "book" now.
 
GreiginFife

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GB72 said:
In England, title deeds are a bit of a misnomer. Since the advent of Land Registration, the electronic records stored at the Land Registry are the deeds and any paper deeds are merely a print out of this. You can get a copy of anyone's legal title online for £3.00.
Click to expand...

In Scotland it works differently as we still have "paper" deeds held in the Book of Sasines (nominally the world's oldest land register dating to 1617) whilst there is also the "digital" Land Register of Scotland which will hold properties created, disponed or transferred from roughly 1990 onwards.

ScotLIS is the public access system (Land In Scotland) and you can purchase title copies from there for a few quid each if it is on the LRS.

If the title is in the Sasine register then it costs a lot more and has to be requested and delivered manually. Although this is improving as they achieve more title coverage in the LRS.
 
SwingsitlikeHogan

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GreiginFife said:
In Scotland it works differently as we still have "paper" deeds held in the Book of Sasines (nominally the world's oldest land register dating to 1617) whilst there is also the "digital" Land Register of Scotland which will hold properties created, disponed or transferred from roughly 1990 onwards.

ScotLIS is the public access system (Land In Scotland) and you can purchase title copies from there for a few quid each if it is on the LRS.

If the title is in the Sasine register then it costs a lot more and has to be requested and delivered manually. Although this is improving as they achieve more title coverage in the LRS.
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It seems that our lender held the physical deeds to our property, as the lender returned them to us when we paid off the mortgage. But Scotland may well be different.
 
GreiginFife

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SwingsitlikeHogan said:
It seems that our lender held the physical deeds to our property, as the lender returned them to us when we paid off the mortgage. But Scotland may well be different.
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In Scotland both the purchaser and the holder of security will get a "copy" of the deed with the actual title being held in the register. Information is split in to sections A-D with section C being security and detailing any part or whole securities held against the title. Section D (Deeds and Burdens) will describe any conditions set out against the title (which may include security burdens). But the Registers of Scotland "hold" the title along with any deeds at all times.
 
GB72

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GreiginFife said:
Not sure why Nationwide are doing that or the symbolic nature of the £1 balance.
Once your mortgage has been paid off, the security that Nationwide held is discharged and Nationwide have no further involvement in the property or the deed.

Your deeds are held by the Registers of Scotland either in the Book of Sasines or on the Land Registry System (depending on when it was last registered (e.g. disponed, re-mortgaged or voluntary registered)). Albeit that the Book of Sasines is only notionally a "book" now.
Click to expand...

This is a bit of a relic going back to the old day of unregistered deeds, and, to a lesser extent, charge certificates. Basically, when the physical deeds were needed to prove ownership, people used to store them in the bank etc. Lenders would offer to store the deeds for you but needed a mortgage file open to be able to do that and maintain records and so kept a nominal £1 balance to allow them to store the deeds. A total waste of time now for registered properties but still helpful for unregistered ones.
 
Imurg

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I've just done something i did wonder if I'd be able to do again....

:eek:

I've just driven onto a Tesco garage forecourt and filled up with diesel and there were 2 other cars there..no queues...
Felt really weird.....
 
IanM

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GreiginFife said:
Not sure why Nationwide are doing that or the symbolic nature of the £1 balance.
Once your mortgage has been paid off, the security that Nationwide held is discharged and Nationwide have no further involvement in the property or the deed.
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The old mortgage system wouldn't allow a zero balance...that's why!
 
Dando

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Imurg said:
I've just done something i did wonder if I'd be able to do again....

:eek:

I've just driven onto a Tesco garage forecourt and filled up with diesel and there were 2 other cars there..no queues...
Felt really weird.....
Click to expand...

I thought you were going to say you managed to put your socks on without putting your back out or pulling a muscle
 
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