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What to do with property deeds once mortgage released

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  • 01-05-2014 10:33am
    #1
    homer911
    Registered Users Posts: 5,119 ✭✭✭


    I paid off my mortgage a few years ago but on the advice of my bank, left the security in place in case I needed to draw down on the equity. Well as my bank was Danske, I've now requested and recieved the deeds to the property and the charge on the property has been released - problem is what to do with these documents that will keep them safe and wont cost me much/anything - any suggestions?


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    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    A solicitor or bank will keep them for you.


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    #3
    Oral Surgeon
    Registered Users Posts: 3,240 ✭✭✭Oral Surgeon


    homer911 wrote: »
    I paid off my mortgage a few years ago but on the advice of my bank, left the security in place in case I needed to draw down on the equity. Well as my bank was Danske, I've now requested and recieved the deeds to the property and the charge on the property has been released - problem is what to do with these documents that will keep them safe and wont cost me much/anything - any suggestions?

    I would first register the property/deeds if not already done (its compulsory on all new sales now). Then scan and save them as pdfs, then put them in a fireproof safe....


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    #4
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    Oral Surgeon wrote: »
    I would first register the property/deeds if not already done (its compulsory on all new sales now). Then scan and save them as pdfs, then put them in a fireproof safe....

    HOpe it's OK to dig up this thread-.

    What exactly is meant by 'register the property/deeds'?


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    #5
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    Thats ok, for the record, my solicitor wanted a € a week to hold the documents, so I bought myself a fire-proof safe instead

    I think Oral Surgeon is referring to http://www.prai.ie/ but I'm not sure under what circumstances this is necessary - perhaps only for very old properties? My house was built in 1995


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    #6
    Oral Surgeon
    Registered Users Posts: 3,240 ✭✭✭Oral Surgeon


    RainyDay wrote: »
    HOpe it's OK to dig up this thread-.

    What exactly is meant by 'register the property/deeds'?

    This is registering the property with land registry.

    Your solicitor will do it on any new sale. I believe that the land registry will eventually want everyone to do it but by doing it on change of ownership is handiest....

    It is a simplified document on the history of ownership of the property and the deeds (old deeds can be a mess).


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    #7
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    Safety deposit box is an option. There is merrion vaults in Dublin. Or you can buy a 30 min cash box extremely cheaply if you want. Even a basic fair rated safe is cheap enough


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    #8
    Oral Surgeon
    Registered Users Posts: 3,240 ✭✭✭Oral Surgeon


    hfallada wrote: »
    Safety deposit box is an option. There is merrion vaults in Dublin. Or you can buy a 30 min cash box extremely cheaply if you want. Even a basic fair rated safe is cheap enough

    I worry about these places. Would you put your money in a private bank that was not overseen by the financial regulator (I know that is no guarantee....)??

    What is to stop a safety deposit box company going bust and all assets being locked up and held from their owners while the whole mess was being sorted out by an examiner/ receiver??

    Just my 2c....


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    #9
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    Oral Surgeon wrote: »
    This is registering the property with land registry.

    Your solicitor will do it on any new sale. I believe that the land registry will eventually want everyone to do it but by doing it on change of ownership is handiest....

    It is a simplified document on the history of ownership of the property and the deeds (old deeds can be a mess).
    homer911 wrote: »
    Thats ok, for the record, my solicitor wanted a € a week to hold the documents, so I bought myself a fire-proof safe instead

    I think Oral Surgeon is referring to http://www.prai.ie/ but I'm not sure under what circumstances this is necessary - perhaps only for very old properties? My house was built in 1995

    Thanks folks. I had a look at the PRAI website, but couldn't really make head or tail of what it means for an end user. I did a search for the house on landdirect.ie which tells me that my property is NOT registered with Land Registry, but may be with Registry of Deeds.


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    #10
    Oral Surgeon
    Registered Users Posts: 3,240 ✭✭✭Oral Surgeon


    Talk to your solicitor as they would have to do it anyway. They will discuss the need or benefits of doing it at this stage... I'm not clear on all the ins and outs of it... I think it cost me close to a grand or so...
    RainyDay wrote: »
    Thanks folks. I had a look at the PRAI website, but couldn't really make head or tail of what it means for an end user. I did a search for the house on landdirect.ie which tells me that my property is NOT registered with Land Registry, but may be with Registry of Deeds.


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    #11
    ?Cee?view
    Registered Users Posts: 2,848 ✭✭✭?Cee?view


    Oral Surgeon wrote: »
    Talk to your solicitor as they would have to do it anyway. They will discuss the need or benefits of doing it at this stage... I'm not clear on all the ins and outs of it... I think it cost me close to a grand or so...

    There's no significant reason whatsoever to do this at this stage. Plenty of time to do it if/when you decide to sell or remortgage.


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    #12
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    Oral Surgeon wrote: »
    I worry about these places. Would you put your money in a private bank that was not overseen by the financial regulator (I know that is no guarantee....)??

    What is to stop a safety deposit box company going bust and all assets being locked up and held from their owners while the whole mess was being sorted out by an examiner/ receiver??

    Just my 2c....

    A bank is different. A bank can take on bad debts and go bust. All a safety deposit box company can do is sell safety deposit rentals. There will never be a run on them and them closing over night. They are the norm in other countries.


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    #13
    Oral Surgeon
    Registered Users Posts: 3,240 ✭✭✭Oral Surgeon


    ?Cee?view wrote: »
    There's no significant reason whatsoever to do this at this stage. Plenty of time to do it if/when you decide to sell or remortgage.

    I'd agree


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    #14
    Oral Surgeon
    Registered Users Posts: 3,240 ✭✭✭Oral Surgeon


    hfallada wrote: »
    A bank is different. A bank can take on bad debts and go bust. All a safety deposit box company can do is sell safety deposit rentals. There will never be a run on them and them closing over night. They are the norm in other countries.

    All a restaurant can do is sell food and drink but it can still go bust and incur a ton of debt in the process...! We have all heard about shady businesses going bust and the owners pillaging the assesses of the business. Would you want your expensive watch sitting in their vault when this happens.... I wouldn't....


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