When you take out a mortgage, your lender will request that a conveyancing solicitor is appointed to handle the legal aspects of the property purchase. This is to ensure that the lender’s interests are protected and that the property is legally sound. But what happens to the conveyancing files once the mortgage has been paid off or the property is sold?
What are Conveyancing Files?
Conveyancing files contain all the legal documents and paperwork relating to the purchase or sale of a property. This includes the contract of sale, title deeds, mortgage documents, and any other relevant paperwork. These files are usually held by the conveyancing solicitor who handled the transaction.
Who Owns the Conveyancing Files?
Legally, conveyancing files belong to the solicitor who handled the transaction. However, as the client, you have a right to access these files at any time. This means that if you want to review the paperwork, you can request a copy from your solicitor.
However, when it comes to mortgage transactions, the lender also has a right to access the conveyancing files. This is because the lender has a vested interest in ensuring that the property is legally sound and that their mortgage is protected.
Accessing Conveyancing Files
If you want to access your conveyancing files, you can request a copy from your solicitor. They may charge a fee for this service, but the cost is usually minimal. The process of accessing the files can take a few days, as the solicitor will need to locate and copy all the relevant paperwork.
However, if the lender wants to access the conveyancing files, they can do so without your permission. This is because the lender has a legal entitlement to access the files as part of their mortgage agreement with you.
Why do Lenders Want Access to Conveyancing Files?
Lenders want access to conveyancing files so that they can ensure that their mortgage is protected. This means that they can check that the property is legally sound and that there are no outstanding issues that could affect the value of the property or their mortgage.
For example, if there is a dispute over the ownership of the property, the lender may want to review the conveyancing files to ensure that their mortgage is protected. If there is an issue with the title deeds, the lender may also want to review the files to ensure that their mortgage is still valid.
How Long do Lenders Keep Conveyancing Files?
There is no set time limit for how long lenders keep conveyancing files. However, they are legally required to keep the files for a minimum of six years after the end of the mortgage agreement. This is to ensure that there is a record of the transaction in case any legal issues arise in the future.
However, some lenders may keep the files for longer than six years, especially if there are ongoing issues with the property or the mortgage. If you want to know how long your lender will keep your conveyancing files, you can contact them directly.
Conclusion
When you take out a mortgage, the lender has a legal entitlement to access your conveyancing files. This is to ensure that their mortgage is protected and that the property is legally sound. If you want to access your conveyancing files, you can request a copy from your solicitor, but the lender can access the files without your permission.
It’s important to remember that conveyancing files belong to the solicitor who handled the transaction, but as the client, you have a right to access them. If you have any questions or concerns about your conveyancing files, you should contact your solicitor or lender for more information.