Browse Forums Home Finance 1 Aug 18, 2015 8:26 pm I am building a house and need to borrow money from a lender. I am going through a broker. I own the land outright. The broker has told me i need to obtain my title deeds as they will be sent to lender. Does the lender take control and own the land until i pay off the loan? I told my broker i will need to talk to my solicitor as they hold my title deeds and also wouldnt mind getting their advice. The broker told that this is normal practice and generally people sign loan paperwork without solicitor. Do i need a solicitor involved for this process ? Re: title deeds question 2Aug 18, 2015 8:31 pm You always own the property but the lender will need to hold the deeds as security for the loan. You don't NEED a solicitor for this process but it will be very handy for you to have your solicitor explain the process to you & there's no issue with you doing so. I would also strongly recommend you have your deeds delivered securely to the lender - the solicitor may send their agent for you. It's an additional cost to you for your solicitor to get involved but for peace of mind worth every penny. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: title deeds question 3Aug 19, 2015 6:27 am becjarrettdalton You always own the property but the lender will need to hold the deeds as security for the loan. You don't NEED a solicitor for this process but it will be very handy for you to have your solicitor explain the process to you & there's no issue with you doing so. I would also strongly recommend you have your deeds delivered securely to the lender - the solicitor may send their agent for you. It's an additional cost to you for your solicitor to get involved but for peace of mind worth every penny. So my name will still be on the title deed but the lender will be the one that holds it instead of solicitor. Re: title deeds question 4Aug 19, 2015 7:29 am Yep. Exactly. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Flamingo Give me a call and I will do my best to talk you through it. For those who would like an answer, Subject to seeing your actual DA condition, I think you are… 1 4572 You can really use anything you want the main consideration would be how it looks once painted/finished - or the look you want. Cabinetmakers use MDF because its cheap… 2 9959 I would say both styles you have pictured are steel. The lower chord of the first pic would be a massive lump if made using timber considering the size of the rafters. If… 1 6151 |