What is a standard security?

When you take out a loan from a bank to buy property, the bank will want to ensure they can get their money back if you have problems repaying the loan.

The bank will normally require you to offer the property you are buying as security against the loan.

The legal document that sets out this agreement is a standard security.

Typically, the bank require this to be in the land register.

If you fail to honour the loan agreement and a security is against your property, the bank can take control of the property.

This allows the bank to sell your property.

We recommend that you get independent legal advice when registering a standard security.

A lender will likely insist that you use a solicitor to complete the registration process.

Discharging a standard security

Once you have repaid the loan secured by the standard security, you can request a discharge from the lender .

You can then register the discharge against your title.

Registration of the discharge removes the standard security from your title.

During the process of selling your property, your solicitor will arrange for the security to be discharged.

You can, of course, arrange for this to be discharged at any time.

We recommend using a solicitor to take care of this process.

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