House deed

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cherry76
cherry76 Posts: 906 Forumite
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Not sure which forum is appropriate for this posting. Going through house deed and just noticed that the mortgage has not been discharged. Mortgage from Halifax and has been paid off years ago. Only £1 is left for Halifax to store the deed and leave the account open. Last time I spoke to Halifax I was told it will waive the £1 and send me the deed and I decided to leave it there. On doing some research it came to my attention that when your mortgage is paid off Halifax should inform Land Registry to discharge interest in the property. Do I need to take action now and ask Halifax to close account so that the mortgage is charged or leave it as it? Thanks

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  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
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    cherry76 wrote: »
    Not sure which forum is appropriate for this posting. Going through house deed and just noticed that the mortgage has not been discharged. Mortgage from Halifax and has been paid off years ago. Only £1 is left for Halifax to store the deed and leave the account open. Last time I spoke to Halifax I was told it will waive the £1 and send me the deed and I decided to leave it there. On doing some research it came to my attention that when your mortgage is paid off Halifax should inform Land Registry to discharge interest in the property. Do I need to take action now and ask Halifax to close account so that the mortgage is charged or leave it as it? Thanks
    Is the property registered? If not you need to do that and get the charge by the Halifax removed in any case.
  • Tom99
    Tom99 Posts: 5,371 Forumite
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    Do it now, unless you have the discharge certificate in hand it may cause problems when you sell.
  • cherry76
    cherry76 Posts: 906 Forumite
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    Yes the property is registered . Will do it as soon as possible just elderly husband thinks house deed is safer with Halifax although have explained there is no need for hard copy as everything is held electronically. Thanks
  • RADDERS
    RADDERS Posts: 241 Forumite
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    The reason that the charge has not been removed is that often banks and Building Societies keep a £1 balance and hold the deeds. But also if you need extra secured borrowings in future years, you do not have to pay for a solicitor to register a charge as they already have one on the property.
    I used to work in finance and this was done all the time.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
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    cherry76 wrote: »
    Yes the property is registered . Will do it as soon as possible just elderly husband thinks house deed is safer with Halifax although have explained there is no need for hard copy as everything is held electronically. Thanks
    The deeds now are only of histioric interes now. If it is an old property subsequent buyers might be interested just out of inbterest.
  • cherry76
    cherry76 Posts: 906 Forumite
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    Yorkshireman99 wrote: »
    The deeds now are only of histioric interes now. If it is an old property subsequent buyers might be interested just out of inbterest.

    Property built in 1975
  • Tom99
    Tom99 Posts: 5,371 Forumite
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    There are probably no 'deeds' with the Halifax they will most likely have destroyed any they had years ago.

    What is important is that you have the mortgage discharge certificate in hand now.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
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    cherry76 wrote: »
    Property built in 1975
    In which case then don't bother but do get the charge removed.
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