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You are here: Home / Archives for House deeds

Nov 16

Will building society look after property deeds?

I am about to complete on buying my first home. Will I receive the Deeds to the house and, if so, should I give them to my Building Society for safe keeping?

Lenders have for some time now adopted a policy of “dematerialisation”. This means they are happy to receive written confirmation that your title to the property is registered at HM Land Registry along with their legal charge by way of security for their mortgage monies.

Accordingly, you will find that if you do send your Deeds to the Building Society they will simply return them to you for your own safe keeping. The increased cost of storage has resulted in your Lender looking to you to retain all associated documentation and they simply rely on the registration process to access the information electronically at any time through their direct links with HM Land Registry.

This, however, can cause problems in that when you instruct your solicitor to sell your property some important documents may not be available. The Lenders don’t have them and the likelihood is that, while you may have received them at some time, you may have forgotten where you put them.

In the absence of these documents your solicitor will have to request official copies from the Land Registry at a cost of £8 to £10 each. You are strongly advised to either lodge your documents in safe custody with your solicitor, some of whom will not charge for the facility, or keep these documents safe, recording precisely where you have put them.

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Oct 19

Removing your ex from the house deeds

My wife and I have divorced and finally reached a financial settlement which includes me paying her off a share of our home. How do I remove her name from the house deeds?

If as a result of the financial settlement you have remortgaged the property to help raise the money to pay your ex-wife her share of the home, then the position is relatively simple, as during the process of remortgaging, the property will be transferred from your joint names into your sole name. The former joint mortgage will be repaid out of your new mortgage funds and the property ending up in your sole name.

It is essential that if you are paying, in addition to repayment of your joint mortgage, an additional capital sum to your ex-wife, that the consideration shown in the Transfer into your sole name is the total of the capital amount payable to your ex wife plus her one half share of the existing mortgage debt, which you are, effectively, absorbing.

If the combined total of this exceeds £175,000 then Stamp Duty Land Tax will be payable – unless the settlement is made the subject of a formal Court Order. However, if there were no additional capital payment to be made and you were simply absorbing the existing joint mortgage, then this could be done by way of a Transfer of Equity into your sole name, provided of course the existing Lender was happy to release your ex-wife from the joint mortgage and to transfer the mortgage into your sole name.

If the existing Lender is not prepared to do this, then you may be faced with having to remortgage with another Lender, taking out a new loan in your sole name which would complete simultaneously with the transfer of the property into your sole name.

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