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becoming mortgage free - any pitfalls to be aware of?

Jolaaled
Jolaaled Posts: 1,063 Forumite
Part of the Furniture 500 Posts Name Dropper Combo Breaker
in Mortgage-free wannabe
If I can keep up with my planned overpayments, I'm hoping to be mortgage free in about 18 months time.

What is the process at the time of becoming mortgage free, in terms of solititors, lenders, registry etc..and is there anything that I need to be aware of so I can plan for a problem-free process?? I don't want any unexpected bills etc!!

THANKS ALL!

Comments

  • Beckyy
    Beckyy Posts: 2,833 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    From our experience you may have a compeltion fee from the mortgage company, this shoudl be specified in your mortgage details - or you can ask them to confirm it. I think our current one is something like £125.

    Many deeds are electronic now I believe, but your solicitor can store them for you if not. Ours did for free, if they wanted to charge for it I'd tell them where to go.

    Your solicitor should do all the convenyancing and land registry things, you will be charged for it so get a written quote beforehand.
  • Jolaaled
    Jolaaled Posts: 1,063 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Beckyy wrote: »
    From our experience you may have a compeltion fee from the mortgage company, this shoudl be specified in your mortgage details - or you can ask them to confirm it. I think our current one is something like £125.

    Many deeds are electronic now I believe, but your solicitor can store them for you if not. Ours did for free, if they wanted to charge for it I'd tell them where to go.

    Your solicitor should do all the convenyancing and land registry things, you will be charged for it so get a written quote beforehand.

    How does the solicitor work out the charge for the final conveyancing etc..is it a percentage of the house value??

    thanks!
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