Paying off a mortgage?

[98elise]

I will soon be paying off our mortgage, so when that happens who is responsible for removing the charge from the property? I assume it has to come from the mortgage company?

Is there anything else I need to consider, or do?

[Saleen836]

98elise said:

I will soon be paying off our mortgage, so when that happens who is responsible for removing the charge from the property? I assume it has to come from the mortgage company?

Is there anything else I need to consider, or do?

Where you will keep the deeds safe for example?

[Nimby]

If the title is registered the deeds are only of historical interest and don't need to be kept securely.

When we paid off our Abbey National mortgage many years ago we left 50p outstanding and they kept the deeds in storage. Much later we found that this meant they still had a charge registered on the title so we contacted Santander (who'd taken over Abbey). They waived the £100 document retrieval fee (and the 50p outstanding!), sent us the deeds and removed the charge with the Land Registry.

[jmorgan]

Just done this. Our house is new enough it has no paper deeds, all on line, as I understand our particular circumstance so not had to deal with paper copies. The lender sent a letter a week or so after saying they had removed the marker. Went on the gov.com web site to check, costs three quid and it is all there without charge.

[lbc]

Saleen836 said:

Where you will keep the deeds safe for example?

The deeds are all online now.

There are no longer any paperwork deeds that hold any value.

[98elise]

jmorgan said:

Just done this. Our house is new enough it has no paper deeds, all on line, as I understand our particular circumstance so not had to deal with paper copies. The lender sent a letter a week or so after saying they had removed the marker. Went on the gov.com web site to check, costs three quid and it is all there without charge.

Thanks that's how I hoped it would be.

[jmorgan]

We looked on here but waited for the letter. The initial search is free, but to see to document you need to be logged in and pay £3 per document.

Could not wait for a day or three after the letter arrived and checked and it was clear.

Lot of info on what it is for on that site.

No expert in this but seems to be all I needed to do?

[TwigtheWonderkid]

98elise said:

Is there anything else I need to consider, or do?

Yes, run out of the bank / building society screaming "I've paid it off, I've paid it off" and hug random passers by.

[valiant]

TwigtheWonderkid said:

98elise said:

Is there anything else I need to consider, or do?

Yes, run out of the bank / building society screaming "I've paid it off, I've paid it off" and hug random passers by.

I'd of thought a trip to your bank's head office where you can stand outside screaming 'fk you' and giving them the finger would be appropriate.

[98elise]

TwigtheWonderkid said:

98elise said:

Is there anything else I need to consider, or do?

Yes, run out of the bank / building society screaming "I've paid it off, I've paid it off" and hug random passers by.

I'm tempted

[Ozzie Osmond]

TwigtheWonderkid said:

Yes, run out of the bank / building society screaming "I've paid it off, I've paid it off" and hug random passers by.

^^^ This. It helps if there's an off-licence nearby...

[98elise]

Saleen836 said:

98elise said:

I will soon be paying off our mortgage, so when that happens who is responsible for removing the charge from the property? I assume it has to come from the mortgage company?

Is there anything else I need to consider, or do?

Where you will keep the deeds safe for example?

As others have said its all electronic now. I got sent the paper deeds a few years back. Mine was build on small holdings so the deeds go way back with lots of large hand written documents going back centuries. Quite interesting to look back though it all.