Title Deeds for Home and Property explained
Title Deeds or Home Title Deeds as they may sometimes be referred to as, are documents that confirm the ownership of a property amongst other things.
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Read on for an explanation of exactly what Title Deeds are for, why they are important and useful, and how Shire Direct may be able to assist with a Mortgage or Remortgage.
Table of Contents:
What are Title Deeds?
So, as we briefly touched upon during the introduction above, the Deeds to a property, Title Deeds or Home Title Deeds are documents that confirm a number of things regarding a property:
- the ownership of the property
- the rights and obligations that may affect the land and buildings, such as easements and other rights attaching to the property
- any restrictions over the property, for example a restriction of use of the property, and
- any mortgages or other encumbrances on the property
Possession of the Deeds will depend on any mortgages (or charges). For those that own their property outright, ie. they do not have any borrowings secured over the property, the Title Deeds will usually be held by the owner, who, for security and safekeeping purposes, will deposit the Title Deeds package with their solicitor or bank.
If the property has a mortgage, or mortgages, secured over it, then the lender holding the first charge will also be in possession of the Title Deeds.
Title Deeds and The Land Registry
So what role does The HM Land Registry have when it comes to Title Deeds. Well, the system of land title registration is the responsibility of the HM Land Registry which is the largest managed property register in the world, and it now holds some 18 million computerised property registrations.
The Land Registry's primary functions and aims are:
- to register title to land in both England and Wales
- to record dealings with registered land, for example, details of purchases, sales and mortgages
- to provide an effective land registration system throughout England and Wales
- to guarantee title to registered estates and land interests for England and Wales
- to provide access to guaranteed up-to-date land information so as to enable the provision of confident dealings in property, security of title and legal protection
Title Deeds, the Land Certificate, and Title Plan
Since compulsory land registration in England and Wales; probably the most important document held with the Title Deeds is the Land Certificate, and it is now the Land Certificate that reveals the ownership of the property, together with details of the various charge holders over the property. Also included within the Land Certificate is a Title Plan showing the extent and boundaries of the property.
Will land registration be involved with my mortgage and what part do I play?
As all land is now subject to compulsory registration, you and your mortgage will have to be registered. Although registration and documentation can be quite complex, it is your solicitor's responsibility to ensure that you get "good title" to your property, and that the interests of the lender are also registered
We can of course arrange a solicitor to act on your behalf. Our panel solicitor offers fixed cost conveyancing, which will include all the necessary Land Registry work. So, please don't hesitate to contact us if you think this facility would help you.
So, hopefully that has explained Title Deeds / Home Title Deeds, and why they are important, and answered any initial questions you may have had. If you are looking for a mortgage, why not give us a call on Freephone 08000 282 281, our professionally qualified mortgage advisors are available up to 10.00pm everyday including weekends, or contact us online 24/7, and we'll be delighted to provide you with an in-principle decision, whatever your circumstances.
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The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
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