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mortgage company doesn't have standard security documents

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like it says on tin!!! i remortgaged last year(june 2006) with different company (GMAC!!!) conveyancing lawyer was numpty and it ook 3 months to complete. anyway got a letter from her this morning saying that they don't have the Standard Security (well really she says that the Registers of Scotland sent it but they didn't get it) enclosed is a Security for me to sign and return. what does this mean? i can't imagine the Register for Scotland sending something that sounds important thru ordinary mail. any ideas

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anyone know anything about this, i've read around on internet, it's the mortgage basically (I think) but i can't find out what it means if the lawyer and mortgage company don't have this doc.

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hi,

I posted this in the mortgage section, but no one has answered so far, maybe because it's in scotland. I wondered if anyone knows anything about the Standard Security for mortgages in Scotland? reason I ask is that I remortgaged my house in June 2006 with differnt lender, the solicitors recommended by mortgage providers were numpties and it took 3 months to complete despite the mortgage being approved within coupledays. Anyway yesterday I received a letter from same lawyer (16 months later) saying that "the Standard Security has been returned to us by the Registers of Scotland, unfortunately we didn't receieve this, please sign the enclosed Security and return in enclosed stamped addressed envelope" there is a legal document enclosed, which I assume is this Security. So my question is, what is this and what does it mean? why a year after completion am i being sent this. I can't help thinking that something dodgy is happening. the lawyer worked for mortgage company as well. any help would be great, I know i could phone this solicitor but i suspect i would only get half a story.

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I would be very wary about this. What do they mean by "the Standard Security has been returned to us by the Registers of Scotland, unfortunately we didn't receieve this, please sign the enclosed Security and return in enclosed stamped addressed envelope.

Maybe I have missed the point but from what they are saying the standard security was returned but they didnt recieve it and they want you to sign something else they purport to be the standard security. Phone the Registars office and ask them. Possibly the solicitors forgot to register the standard security.Only when it is registered agaisnt your property do the mortgage company have any personal right against you. ie you default on the mortgage or say become bankrupt then they have first bite at the cherry on your property so to speak. On this basis I would want to know what they are getting me to sign.ie is the address of the property theron, is you neme theron is the amount thereon etc, is the name of the Bukding society thereon.

 

Let us know how you get on . Finallly look to the Conveyancing and Feudal reform (Scotland) Act 1970 Schedule 2 Forms a and b , for a style of how these forms should look

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Thanks tweeney. it's the standard security for my mortgage. the right amount, my name and house address. When I think about it, I never signed one of these, in fact I remember at the time thinking that I didn't seem to sign anything. The solicitor was really awful, I'm not just saying that. I had to chase her the whole way and it was only when I contacted the Law Society about the length of time it was taking that she moved herself. I don't think that "the Standard Security wasn't returned to them by the Registers of Scotland", I think that she never got me to sign it in the first place and never sent it to them. Surely she would be able to sort it out with Register if the former was case. The actual document looks like these forms you mention. What does this mean if she hasn't actually got me to sign this last year, and they don't have it? I've read about but I'm no clearer about implications. thanks again for answering.

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Basically what it means is the problem was the building societys not yours. They had no interest noted against your property ie if you went bankrupt the building society wouldnt have claim as a secured creditor. That is appalling that only after you contaced the Law society she moved her butt. If I was you I would speak to the building society and let them know and also send a copy of the letter to the law society. No doubt you paid a fee for her services!!

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hi,

I posted this in the mortgage section, but no one has answered so far, maybe because it's in scotland. I wondered if anyone knows anything about the Standard Security for mortgages in Scotland? reason I ask is that I remortgaged my house in June 2006 with differnt lender, the solicitors recommended by mortgage providers were numpties and it took 3 months to complete despite the mortgage being approved within coupledays. Anyway yesterday I received a letter from same lawyer (16 months later) saying that "the Standard Security has been returned to us by the Registers of Scotland, unfortunately we didn't receieve this, please sign the enclosed Security and return in enclosed stamped addressed envelope" there is a legal document enclosed, which I assume is this Security. So my question is, what is this and what does it mean? why a year after completion am i being sent this. I can't help thinking that something dodgy is happening. the lawyer worked for mortgage company as well. any help would be great, I know i could phone this solicitor but i suspect i would only get half a story.

 

 

I am a Scottish Solicitor.

Firstly, although it took three months to complete the matter originally this may not necessarily have been your solicitor’s fault e.g.it may have been sometime before the actual loan instruction were issued to them after initial approval.

However, there has definitely been something wrong with the fact that you have been asked to sign the original standard security so many months later. It sound as if they made a mistake when completing the original security 16 months ago or perhaps it was not in fact completed at all.

I suggest that you write to the solicitors asking for a full explanation and if you are not happy with their explanation I suggest you see another solicitor for some brief advice or take it up with the Law Society of Scotland.

Strangely enough, it is perhaps your new mortgage lender rather than you who have been put at risk if their security for their loan has not been registered for over a year.

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The standard security is the document that gives the lender the rights over your property. If this hasn't been completed, then surely your lender wouldn't have any rights?????

 

I'm no expert on this but you could have a mortgage that is not legally binding due to the solicitors errors. The lender releases funds based in good faith that all the legal work has been done and that must include ensuring that a standard security has been duly completed and notarised.

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thanks for advice. Its got stranger now. i never signed the standard security and sent off to the land register of scotland to find out if there was a security on my property. In response i was sent document stating that no, the standard security had been cancelled in july 2006 and no security was registered. I never signed the form. I recently found out that the company registered a standard security against my property in Oct 2008......despite me not signing it.! I have contacted land register for scotland to find out if I can see the signed document. Surely a mortage company wouldn't forge something like this?

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I used to be paralegal with Local Authority and quite often the the standard securities where returned by the Land Register( Sasines Register) at least 6 months later that only needed signing.

 

Also if a mistake is made in the original security it cant just be tippexed out the document would need drafted before signature again....sometimes by solicitor or sometimes joe public prior to issue to the Land Registers.

 

Also they may have booked your security in and stamped it as received prior to the re issue to your agent for signature.

 

I would say sounds perfectly normal although your solicitor is a little bit negligent in his approach to keeping you notified and up to date but as pussycatmandy has said....Not having a proper security in place can only be a worry for the lender...although I am sure you have signed the loan papers I bet....only the legal document not registered yet.....

 

Wish I did Debt a Uni now instead of conveyancing!

 

dandy

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Hi,

 

gosh I haven't posted in this forum for years.

I originally joined in 2006 and was very active.

The forum was a great help to me when I had a change of circumstances.

It is so good that it is still going.

 

I digress.....

 

One of my old posts was around my mortgage.

 

At the time (2007) I didn't pursue the issue, and pretty much forgot about it.

insomnia makes the mind do strange things and it sprang back into my mind .

 

To recap I re-mortgaged my house in June 2006, the lawyer was very slow processing things and I didn't appear to sign any docs.

I am not experienced in these matters so I wouldn't have known if that was correct or not.

 

However in Oct 2007 (over 1 year later) I received a letter from my mortgage company's lawyer asking me to sign the Standard Security document

- with some story about why it was being re-issued.

 

I got advice from the forum.

I contacted the Land Registry who said that the standard security had been cancelled in July 2006.

I never signed the document.

Months later I re-contacted the Land Registry who said that a signed Standard Security had been returned in 2008.

 

I never signed this.

I am going to recontact them and ask for a copy and I am also going to do a DPA form to my lender to request info.

 

At the time I was too caught up in everything else that was going on in my life, however my situation has changed now and I am curious about what this actually means.

 

Does anyone know what it would mean if I have never signed a Standard Security document for my house or indeed if the lender has signed this for me as it would seem to point to?

 

many thanks in advance

 

ecobabe

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old threads merged


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Thank you

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Standard Security is the Scottish equivalent to an English Charge placed on the Land Registry ...your deeds...when a mortgage is taken out against property...as security for the lender.

 

Document signed by person(s) taking out a mortgage agreeing to the mortgage lenders terms & conditions. This document requires to be registered in the Registers of Scotland.

 

Jurisdiction:

Scotland

 

Standard Security.pdf

 

 

Regards

 

Andy


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Thank you. I'm a bit rusty with this stuff now....so wondering if you could advise. Should I do the original DPSAR to my mortgage company so that I can see all the paperwork, including anything related to the Standard Security document, and also one to the Land Register?

 

 

ta

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Why......?

 

Its standard procedure that a charge should be placed on the Land Register..it gives the lender security over your property.

 

Sign it and return it.....hopefully they will get it correct this time after 10 years.


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