4 ms·
In the UK the banks and property agencies are moving away from title deeds in a process called 'dematerialisation' My deeds, dating back to 1949, no longer exi
by dingaling 8y ago
In the UK the banks and property agencies are moving away from title deeds in a process called 'dematerialisation'
My deeds, dating back to 1949, no longer exist. They were shredded by Nationwide. I have a certified copy but they are considered of academic interest and 'proof of ownership' is now recorded by a database row. Which is terrifying, as a simple clerical error or a system failure could ruin so many lives.
- bena 8y agoI mean, before a simple fire could have ruined those same lives. Also, paper isn't proof against clerical errors.
- chii 8y agoPaper, if recognised legally means you have the responsibility to hold and present it as proof. You could keep the paper in a safety deposit. You can make certified copies. If proof is electronic, you have no recourse if computer error causes a dispute, since you do not hold any proof yourself to present as evidence!
- liveoneggs 8y agoin the US banks managed to steal houses by just making claim on them because they have overwhelming authority.