Mortgage paid...next steps?

[Grendel]

Hi, just looking for some advice on deeds of the house. I'm extremely lucky to be in a position whereby I paid the last of my mortgage this month. I'm with AIB, but have not received any confirmation yet from them. Do I need to get in touch with them, or should I just wait?

What are the next steps? Do they send out the deeds of the house or would it be wise to let them hold onto them? I've heard that I should get them and store them in a safe place (e.g. my solicitor), but would be grateful for some tips.

 

[mf1]

"Do I need to get in touch with them, or should I just wait?"

Subject to what I say below- you could just wait. And if they'll hold onto them for free.........

I'm currently acting for a client who actively went chasing his lender for his Deeds when he discharged his mortgage- the lender has now confirmed that they cannot locate his Deeds- so we're into a title re-construction situation. The client's family have all left home so the house is now too big for them so they will very likely want to sell in the coming years.

In terms of having the Deeds yourself, or asking your solicitor to hold them, there are pros and cons.

Most solicitors don't want to hold Deeds for clients- it is a big responsibility but your solicitor may agree?

Or if you google - storing title deeds in ireland- you'll see a range of organisations offering the facility?

You could keep them at home in a fire proof safe - it is worth while scanning/ copying them and asking a friend to keep a copied set for you, just in case.


mf

 

[Grendel]

OK thanks for the tips. Yes, I heard about storing the deeds myself in a fireproof safe (as long as my kids know where to find them, in the case I drop dead)! I'll also check with the solicitor and other storage options around the country.