How Do I Get My Title After Paying Off My Mortgage?
You've finally reached the end of your mortgage journey; the big question is: how do you get your property deeds after paying off the final instalment? You can request a redemption statement from your lender which confirms that you've settled the mortgage debt.
Either your lender or your solicitor will submit the redemption statement and the necessary forms to the HM Land Registry to officially remove the charge from your property. By paying off your mortgage, it is unlikely that your mortgage lender still holds onto your title deeds, but you should liaise with them directly to confirm if they have them.
However, if your property is leasehold, you still receive the redemption statement but then you'll review your lease agreement for any specific requirements or restrictions and inform the freeholder that the mortgage has been paid off.
What are title deeds?
Title deeds are legal documents that prove property and land ownership. They provide a record of the property's history, including details of previous owners, any charges or encumbrances, and the property's boundaries.
Essentially, they are the "passport", providing a property summary and confirming your right to own and use it.
There are two main types of title deeds in the UK:
- Registered title: The most common type of title in England and Wales. It means the property's ownership and details are recorded at the HM Land Registry and held electronically.
- Unregistered title: This is a less common type of title, typically found in older properties. It involves physical documents that prove ownership.
If you're unsure whether your property is on the title register, you can check on the Land Registry website.
Understanding the type of title your property has can be important, especially when buying, selling, or remortgaging.
For example, if a property has restrictive covenants attached to it, this can limit the property's use or development, affecting its value and appeal to potential buyers.
SAM can help remove a charge on your property
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Where are my title deeds held?
Historically, original title deeds were physical documents stored by the property owner or their legal representative.
The Land Registry started centrally storing the titles for properties in England and Wales digitally in January 1995. For properties that have not been sold or updated since then, you might find that your lender has already sent you a copy of your title deeds.
If this is the case, you should look to inform the Land Registry and complete a first registration of the property.
For properties with a registered title, the Land Registry holds the electronic records of the title deeds. This means that physical copies are no longer kept.
If you're selling a property with a registered title and haven't already obtained a copy of the title deeds, your conveyancer will typically do so on your behalf as part of the sale process.
For properties with unregistered titles, a physical copy of the deed is usually held by the property owner or their legal representative. If you're selling an unregistered property, it's crucial to locate the title deeds before proceeding with the sale.
What happens to the title deeds when buying and selling?
When you purchase a property, your solicitor will receive the title deeds. They will then register your title and, if applicable, secure a mortgage against it. In most cases, the mortgage provider will hold the title deeds until the loan is fully repaid.
If you decide to sell the property before the mortgage is cleared, you'll need to repay the outstanding mortgage amount.
Your solicitor will typically arrange this using the proceeds from the sale. Once the mortgage is settled, the title deeds can be released and transferred to the new buyer.
The best place to keep house deeds
If you have physical title deeds for an unregistered property, it's important to store them securely. A safe deposit box at a bank is often considered a good option. Alternatively, you could keep them in a fireproof safe at home.
Remember, it's crucial to protect your title deeds from loss or damage, as they are essential documents for proving ownership of your property.
Pros and cons of title deeds
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Alternatives to getting a title deed
While title deeds are generally considered the most definitive record and proof of property ownership, there are a few alternative methods that can be used in certain circumstances:
- In some cases, a deed poll can be used to transfer ownership of a property without formal title deeds. However, this is less common and may require legal advice.
- In rare circumstances, it's possible to acquire ownership of a property through adverse possession, if certain conditions are met. However, this is a complex legal process and should only be pursued with expert legal guidance.
It's important to note that while these alternatives can provide some evidence of ownership, they may not be as comprehensive or secure as traditional title deeds.
For most property transactions, obtaining title deeds remains the preferred method of establishing ownership.
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Title deed cost
The cost of obtaining property deeds can vary depending on several factors, including:
- Obtaining title deeds for registered properties is generally less expensive than for unregistered properties.
- If you require additional services, such as copies of documents or legal advice, this can increase the overall cost.
Registered property title
Basic search: Around £30-£40.
Priority search: Around £50-£60.
Official copy of title: Around £30-£40.
Unregistered property title
Costs can be significantly higher due to the need to search historical records.
Either the current owner or their successor can submit a first registration application, in cases where the registration is compulsory.
If a mortgage is registered on a property and it triggers compulsory first registration, your lender can apply for the title to be registered in your name, whether you consent to it or not.
SAM can help you with your HM Land Registry application
Our hand-selected panel of property solicitors can prepare and submit your application to the Land Registry, for purchase, transfer, charge, notice, surrender, restriction, or removal of a restriction including, but not restricted to:
- Transferring your legal or beneficial ownership.
- Adding or removing someone from the title deed.
- Registering or surrendering a deed or declaration.
- Registering or removing a form A restriction when changing between joint tenants and tenants in common.
- Gathering the required evidence to apply to remove a mortgage or bankruptcy restriction.
- Registering or discharging a secured loan.
The work involved will vary depending on your needs so tell us what you need to achieve and we'll explain the process with a fixed fee quote for our services.
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