A Deed is a legal document which records the ownership of a property and the land it is built on.
PLS Solicitors assist people every day in the exchanging of Property Deeds, helping them to define the rights they have over different types of land and buildings.
For sole property owners, Title Deeds serve as proof of full ownership. However, not all Property Deeds are full Title Deeds – some of them specify different rights of ownership. We will help you understand each Deed’s scope so that you can be certain that it’s going to be the one that meets your requirements.
What Should I Do With My Property Deed?
The HM Land Registry records many of the original Deeds for registered properties across the UK, as well as records of their sales. If a paper copy of a Title Deed is lost, it is still possible to complete a sale without it as the Land Registry holds everything needed to facilitate transactions. Be aware though, they may not always be able to provide replacement copies. For a small fee charged by the Registry, property owners can exactly check what documents they are holding in their records.
Many people keep Deeds with their solicitors for safekeeping. Solicitors will keep records of a property’s sale all in one secure place, which can be accessed by the property owner at any time. If a buyer took a mortgage to make a purchase, the Title Deeds may sometimes be left to the care of the mortgage lender.
Some home-owners and landowners will store Deeds at home. If you opt for this, keep them in a safe place in case you ever need them. The best options are lockable cupboards, drawers, bureaus or cabinets which are not in everyday use. In today’s digital age, physical Deeds may not be essential but remain valuable for their historical content.
What Are the Different Types Of Deeds?
We have already talked about Deeds and Title Deeds, but there are also multiple options for buyers and sellers in regard to land and property. Every property in the UK is as different and varied as the people who live in them. It’s always a good habit to know what it is you are looking for before you begin a process.
Here’s an overview of the main types of Deeds that PLS Solicitors work with:
- Freehold Deeds: Common in residential homes, freehold ownership grants indefinite rights over the property and land. Freeholders manage maintenance independently, with few restrictions.
- Leasehold Deeds: Leaseholders own the property for a set period but not the land, which remains under a freeholder. Lease durations vary, sometimes lasting over 900 years, and typically include estate management fees and property alteration restrictions. Leasehold is especially common with flats and new builds.
- Commercial Property Deeds: These apply to properties for business uses, like retail or office spaces. Commercial Deeds can be freehold or leasehold, with leasehold most common due to its flexibility.
- Deeds of Trust: Common for co-owned properties, they define each owner’s stake and any conditions for sale. Often used in joint purchases and shared ownership.
- Shared Ownership Deeds: Ideal for first-time buyers, shared ownership enables buyers to purchase a percentage of a property and pay rent on the remainder, with the option to increase ownership over time (a process called “staircasing”) until they own 100% of the property.
- Commonhold Deeds: Suited for multi-unit buildings, commonhold ownership provides ownership of individual units within a building, while sharing responsibility for communal areas. Introduced in 2002, there are fewer Commonhold properties for sale on the UK markets.
Navigating the Process
Buying or selling a home can be hard to navigate with so many variables involved. This is why PLS Solicitors are dedicated to delivering the best and clearest conveyancing service in the UK. We want you to get the best result possible, and our experts will guide you through everything from evaluating Leasehold Agreements to drafting Deeds Of Trust. Fully SRA and Conveyancing Association accredited, we will ensure each step is managed smoothly and efficiently.
Our invaluable expertise comes from real, in-house Conveyancing Solicitors and our Licensed Conveyancing Team. For a quote or consultation, reach out to PLS Solicitors, Monday – Saturday, on 03300 565 423 or submit an enquiry form online.
