The paper housing deed has declined in importance in recent years. What was once a piece of documentation crucial to proof of owning your own home is now something held mainly via an electronic database. But why is it still so important to keep house deeds safe at home?
What Happened?
The housing deed was the only way to show someone you owned the property you were residing in. Most people held these documents with solicitors or their local bank. Recently, most of the major banks and mortgage providers have started sending deeds back to their original owners as they have no obligation to hold them.
The electronic
Land Registry now holds all deed information. Obviously, this means the deed is next to useless for most people. Still, it's unwise to get rid of housing deed documents as they have use in today's society.
Electronic Breakdown
You might think your claim to your property is safe because of a national electronic database. Have you ever thought what happens if that database disappears unexpectedly? The Internet and government aren't all-powerful forces. Anything can happen. If the database crashes or a hacker sneaks into the database and deletes everything, homeowners are in a difficult position.
It's a highly unlikely scenario, but no system yet has proved to be infallible. It's always best to stay prepared. Keep a few paper copies in a safe deposit box and at home just in case the worst does happen.
Old Houses
The electronic database is not yet fully compiled. Older houses don't have their data inputted into the database as of yet. If you're lucky enough to live in one of these older buildings you should check as to whether your property is in the database. If it isn't, your housing deed documents are important. Keep them safe and keep them secure.
Boundary Disputes
Although most of the information you need to prove a claim to a property exists on the new database, it doesn't include every piece of information. On the physical housing deed you have a complete breakdown of property boundaries. This isn't included in the database. If you're unlucky enough to find yourself locked in a boundary dispute, the data displayed on the deed could prove crucial in proving your claim.
Historical Interest
A housing deed is a window into another world. If you're the sort of person who takes an active interest in the family history and the history of property, it's wise to keep it in safekeeping. They're important documents which highlight interest in the property and any previous owners. Of course, even if you aren't interested in these things, your children or grandchildren could form an interest in the future.
Whilst the majority of people won't have any uses for their housing deeds, the new registry doesn't cover everything. If something happens to the database or you find yourself in a boundary battle, the deed could prove the difference between winning and losing. Always keep housing deeds in a
safe deposit box or
home safe, so you don't unwittingly throw away a useful piece of documentation.
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