When you get a mortgage from any lender, your conveyancing solicitor sets up a “Standard Security” on your property which you sign and this gives the bank/building society a security over your home allowing them to re-possess should you default on your mortgage payments.
However, something which is commonly missed by most people, once you finally re-pay your mortgage in full and the bank/building society return your Title Deeds to you, is the “Charge Certificate”. Usually a blue A4 folder and this contains the original “Standard Security.” This security has to be discharged with the Registers of Scotland in Edinburgh and is NOT done by the mortgage lender – it is your responsibility to do this. Your property can never be sold or passed on to your family without this being discharged. You will have to instruct a solicitor to complete this for you. Commonly this will cost somewhere between £200 - £300. Please watch out for this document or check your paperwork you keep with your Title Deeds to see if it is there. If you are ever unsure if you have already dealt with this or not, it is easy for us to do a Title search on your home with the Registers of Scotland to confirm.