What happens (paperwork etc) once mortgage cleared?

[d8mok]

Hoping someone will know for sure as local Nationwide branch were a bit vague.

Once the mortgage amount has been cleared what would happen next ?

Do we get deeds/paperwork in the post or something? She also muttered something about contacting the Land registery too?

Thanks

[roadsmash]

From memory the lender will just remove their charge from your property and that’s it.

[d8mok]

Thanks for response.

So I wouldn’t receive anything to actually prove it’s paid?

[Halitosis]

Presumably your mortgage provider is holding the house deeds - certainly that is the usual arrangement as far as I'm aware.
When the mortgage is cleared then they may hold onto them for you or may ask where you want them sent (or offer to charge an ongoing storage fee for safekeeping).
Here in Scotland apparently the law doesn't allow the deeds to be posted to the address and insist on a solicitor's address (who would also charge a fee!). I'm hoping when our time comes to have them send the deeds to my parents' address in England and I can pick them up from there

[Simpo Two]

When I paid off the mortgage on Simpo Hall I got the deeds, LR docs and all conveyancing bumph from the building society. But that was 10+ years ago when they still used paper. Maybe now it's all on an app that you need an iPhone to see, dunno.

Edited by Simpo Two on Thursday 17th December 21:16

[Pulse]

roadsmash said:

From memory the lender will just remove their charge from your property and that’s it.

Paid mine off very recently. All I got was exactly as roadsmash says - a letter from the Land Registry saying that the bank no longer held an interest in my property.

Nothing from the bank itself.

[anonymous-user]

If you do a search against your own property at the Land Registry you will be able to confirm, for a princely £3 (it's all done online), that the bank's charge has been removed. Best to leave a few days/weeks for the administration to be brought up to date.

https://www.gov.uk/search-property-information-lan...

(This is the official site. Don't get tripped up by all the usual scammers who come up on a google search and will charge you a lot more money for exactly the same thing....)

[d8mok]

Cheers , I’ll wait and see what comes in next few weeks then

[Simpo Two]

How can your mortgage lender not know what will happen when you pay off the mortgage?

[d8mok]

To be fair it’s probably not something counter staff have too much to do with and given current circumstances it’s quite hard to sit and have a proper chat about it when there is a queue of folk waiting

[hairy v]

d8mok said:

To be fair it’s probably not something counter staff have too much to do with and given current circumstances it’s quite hard to sit and have a proper chat about it when there is a queue of folk waiting

This ^^

When I paid off my mortgage I requested the mortgage valuation, they gave me a number, I made the payment and they confirmed the deed was done.

[MarkGArgyle]

I got a nice letter and all the deeds in the post. Was great for a few weeks until I took out a new £300k mortgage

[Viper]

My deeds had been stored by my building society for a number of years after paying the mortgage, i requested them about 3 months ago and they turned up about a fortnight later, delayed due to lockdown, along with a load of other paperwork and site drawings

Edited by Viper on Thursday 17th December 22:12

[austina35]

anonymous said:

[redacted]

Was for me. When I purchased a property in August 2019 for cash, I recieved the title deeds by email 3 weeks after I handed the money to my solicitors. They claimed it was all done on line and that was it.

[Mazinbrum]

You should get back all the deeds and documentation you signed when you took your mortgage out as your bank should have kept it. The land registry is all electronic now.

[d8mok]

Slight update - Logged into my online banking today and the Mortgage account has disappeared. I’ll update if any paperwork comes in case any one else has this query.

Thanks for folks input

[cml24]

Nothing happens. It was quite disappointing really.

We didn't receive anything form the building society, or from the land registry etc.

A while later we paid the £3 to check the charge had been removed, and it had.

Like you our mortgage just disappeared form the online banking. No trace.

[roadsmash]

I think it would be a nice touch if the mortgage lenders sent a bottle of champagne or something, but alas, I don’t think they (or many) do.

[Mr Pointy]

d8mok said:

Slight update - Logged into my online banking today and the Mortgage account has disappeared. I’ll update if any paperwork comes in case any one else has this query.

Thanks for folks input

You might want to set up an alert for your property with the Land Registry so that if anyone makes any enquires or searches you'll be notified. It can help prevent certain types of fraud against unmortgaged properties, or those with no charges registered against them..

[d8mok]

Thanks for advice and yes I’ll look into that for sure. Never even considered that as a type of fraud people would try but it makes sense now you’ve said it.