We act for a small Credit Union and our firm of Solicitors has held all their Title Deeds and Mortgages since Adam was a boy. I we note that the LRS is converting those Deeds in September.
From the limited information the Credit Union has received and we have received there is really no positive action we need to take or am I wrong? The deeds we hold are easier accessible and are separate from other client's deeds. Having discussed this we the Credit Union, my view is that it would be easier to get rid of the Deeds only when there is a future transaction or am I wrong? We could spike them to cancel them like we do with some other Deeds now.
I realise the Big Banks just want to get rid of having to store their Deeds but we find it helpful to easily access the deeds and get title references.
Just wonder what other panel solicitors of small ADI's are proposing to do.