Newbie Questions again I'm afraid

phoodless wrote: »

Hi fellow MFW's

We have been considering paying off our mortgage ( Now that my Icesave funds are pending release :j ) but been trying to find the answers to the following questions:-

What to do with the deeds ?

There seems to be a few options here, but not sure on the best course of action:-

1. If they are electronic - do they stay with the Land Registry ? - or do they send a CD/DVD/email ?? Not all Deeds are electronic but the Land Registry may have copies of important documents. Your Land Certificate is electronic and you can apply anytime for a copy from the Land Registry but there is a fee. They should probably send you the Office Copy Entries showing you own the property free of mortgage for free but if you lose it you will then have to pay
2. If they are paper based - is it safe to store them at home ? If your Title is not registered at the Land Registry then you best give them to your Solicitor to keep in a fire proof safe
3. What is the going rate for Banks/Solicitors/BS's to store them ? I work for a Solicitors and we don't charge for existing clients.
4. Is it worth leaving a nominal amount on the mortgage and just pay a very low interest each month to allow the BS to store them ( Alliance & Leicester ) ? - Probably a matter of choice and if the BS allow you to do this ?? Like you said a matter of choice - some Banks or building societies allow you to keep £50 on the Mortgage Account to keep it open

What about actually paying the mortgage off ?

1. Do you need to engage a solicitor to do this ? No - When you make your last payment the bank should send them to you with a Form DS1 which you need to send to the Land Registry - the Bank generally send you the form to do this and tell you what to so
2. Will not having a mortgage affect my credit rating in any way ? ( I don't have any debts apart from the mortgage ) Some people think it is easier to re-mortgage if you keep a balance on your mortgage - dont think it affects your credit rating but could be wrong
3. Will my credit rating go down over a period of time if I don't take out any loans/further morgages ? As long as you don't default on any existing credit cards/loans it should'nt

:T