Mortgage has not been vacated but lender no longer exits

Hi
I'm the Executor of my mother's Will. We are selling the property and it seems the mortgage deeds were never vacated although other documentation was - the Mortgage of Life Assurance - and the property deeds were returned to us by the bank in 1980.  The property is not registered with the LR as it was bought in 1973. The mortgage with Midland Bank was paid off in 1980. As Midland no longer exists there is no one to vacate the mortgage deeds. I've spoken to HSBC who have confirmed in writing that there are no mortgages or any products associated with this address including any mortgages inherited from Midland Bank. However my conveyancer is saying we can't sell the property without getting the deed vacated but there is no one to do this and it was in paid off in 1980! Would the new owners be able to register the property in their name without the mortgage deed vacation? Do we need to go to court to get this sorted? My conveyancer does not know what to do and just keeps repeating that it has not be vacated by the lender (who doesn't exist)! Thanks for any advice. We do have the attached document, as well as deeds and plans.

Hi Wayne - I kind see how a buyer would be willing to complete on their purchase until the mortgage was vacated
If it was vacated in 1980 then the lender would either have signed off on the deed itself, known as an endorsed receipt, or provided a Form 53, the prescribed form at the time.
You have attached a scanned image but only of one part of the deed but I assume your conveyancer has already checked the whole deed for you.
Midland Bank is of course no more but their interests now come under HSBC as you state
The mortgage is presumably still protected by way of a land charge so an application to cancel same should be considered - The land charges registers and agricultural credits register: registration, official search, office copy and cancellation (PG63) - GOV.UK
I would recommend checking the entire mortgage deed and other paperwork again. And referring your conveyancer to PG 62 as appropriate although they may have already considered same and an application to the Land Charges Department

Hi Adam 
Thanks for your reply. I will certainly make my conveyancer aware of the Land Charges advice.
Due to the lack of the Mortgage Deed vacation we are thinking of applying to the Land Registry for first registration of the property in my name as Executor, followed by an application providing evidence of title. This would include the original conveyance, mortgage deeds, the mortgage of life assurance discharge document, and the letter from HSBC. A Statutory Declaration from me detailing the history of the mortgage and possession could also be provided.
I understand that the Land Registry have discretion to accept evidence and potentially register with possessory title, particularly considering the age of the mortgage. The evidence we have is the deeds to the property, HSBC’s letter, the significance of the mortgage of life assurance discharge document, and the lack of a current lender. 
Do you think the Land Registry would accept this evidence and do you think this is the correct way forward given the situation?
Thanks again,
Wayne
 

See attached HSBC letter.

Thanks, 

Wayne

Wayne - we can't confirm either way until an application is actually submitted and all the supporting evidence considered 
You must rely on your conveyancer here with regards preparation of the application and supporting evidence