One word that most first-time homebuyers frequently come across is the deed. But what exactly is a house deed? What does it signify and what happens if it is lost? Understanding the blue face house deed is absolutely key as you prepare to buy your first home.
House Deed 101
A house deed is a written document that reveals the owner of a particular property. When you buy a home, you will have a house deed that will state that you are the owner of the home. When you sell your home, both you and the buyer must sign the deed; this sign-in is required in order to transfer the property’s ownership right to the new home buyer.
A house deed is considered a legal document; when there are home or land ownership disputes among family members or relatives, this can be quickly settled by checking the name of the person on the house deed.
In the UK, the property deed is stored by the HM Land Registry. When you first buy a home or inherit a property, you need to register the land/property with this registry. At the time of registration with the Land Registry, the agency will obtain a scanned copy of your original home deed before returning it to whoever submitted this document. In most cases, this may be the Conveyancer.
All home buyers in the UK should be aware that the HM Land Registry only registers property and land in Wales and England. Those who reside in Northern Ireland or Scotland have their own separate land registry.
Is There a Fee to Register the Home with the Land Registry?
In general, there are two tiers of fees which depend on the type of transaction. There is a fee for first registration which depends on the value of the home. There is a different fee if the home has already been registered but now has a new owner. The fees to register the deed do vary depending on whether you do it online or via post. The fee varies from £20 for a home that is valued at £80,000 to £910 for a million-pound home. The exact costs for the deed registration can be available from your solicitor.
Is It Necessary to Have the House Deed to Sell My Property?
Because all property and land are already registered in the UK with HM Land Registry, you do not need a deed to confirm the ownership of your home to sell it. The Land and Registry agency will provide all the necessary documents that are required to complete the sale of your home to the other party.
But this does not mean that you should discard the copy of your home deed even if your home has been registered with HM Land and Registry. A copy of the deed can prove to be very useful when you have a dispute with your neighbour about the legal boundaries of your land or property.
Moreover, if the home you purchased had already been registered with the Land Registry, the original deed may not have been given to the agency by the seller. Sometimes tracing the original deed for land or property that has been sold and bought numerous times can prove to be very difficult. In such scenarios, it is important you have a copy of the home deed.
If you want to check or order a scanned copy of your home or land deed that is registered with HM Land Registry, just visit the website and search under your property’s title number.
If you want to find the original deed, then consult with your solicitor who represented you when you bought the property. Sometimes the mortgage lender may also have a copy of the home deed. Title deeds consist of several documents which include the title plan and the title register. There is a £7 fee to obtain each document from the Land Registry.
How do I Store My Deed?
To keep your home deed safe, store it in a safe place where you keep your passport and other valuable documents. If you have lost your home deed copy, contact your solicitor who can request a copy of the deed from the HM Land Registry. There will be a fee that you will have to pay to the solicitor and also a fee to the Land Registry.