Mortgage company keeping deeds after mortgage is paid off?

[YNK]

Hi, can anyone put my mind at rest please?

Company is The Woolwich (Barclays).

I have statements to say the account is fully paid in 2006. Originally in a telephone call I was told they will charge to keep the deeds in their safekeeping. I told them I would prefer my solicitor to have them but they phoned back to say they would keep them free of charge.

I went into the bank and asked about it and they told me the deeds were safe with them.

It has kind of niggled at me since. Is this usual proceedure?

Yes, ime, it's pretty normal to leave the deeds with the bank for safe keeping.

I have heard of a few cases of them losing them though!

I don't think deeds are even necessary anymore. Our bank sent us ours a few years ago as they are now computerised (our mortgage hasn't been paid off). You should be able to have yours I would have thought!

Deeds are necessary if your property is unregistered (which sounds to be the case). They need to be kept very safe or you will have a hell of a job when you (or your heirs) try to sell the house in the future.

Thanks everybody. My mind is resting now!

Unless you bought your house before 1986, it will be registered and the deeds are irrelevant.

The BS gave us the deeds before our mortgage was paid off. It is now My DS was given the deeds to his house and he has years to keep paying. A lot of companies dont want to keep the deeds these day. Anyway I think as long as its registered with the Land Registry they have copies.

tbh never even looked at them

Thats great - I bought it in 1999 so it will be registered. Thanks everybody!

It would be worth checking what deeds the bank are holding. There may be things like building warrants kept with the title deeds which a purchaser would want to see (at least this would be the case in Scotland).