What is a standard security?

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

The bank will require you to offer the property you are buying as security against the loan. The legal document that results from this is called a standard security.

The bank will require you to register the standard security with us.

If a standard security is registered against your property it allows the bank to take control of the property if you fail to meet your obligations under the loan. Ultimately, this may allow the bank to sell your property.

We recommend using a solicitor when registering a standard security.

Discharging a standard security

Once you have repaid your mortgage you must make sure you get the standard security back. This is called the 'discharge of the standard security'.

This allows the bank to return your title deeds to you along with the standard security.

The standard security must be discharged for you by the Registers of Scotland.

You will need a solicitor to complete this task.

If you do not do this, your property may not be passed on to your family.

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