Paying off mortgage in Scotland

parttimepar

It is our intention to pay off the remainder of our outstanding mortgage in February, our bank has advised that besides the sealing fee payable to the bank we will also have to employ the services of a solicitor, can anyone explain why we need one?

Regards

highet

i'm in a similar situation - deal with a+l ends at end of december and i plan to pay off outstanding mortgage then - i similarly thought that a solicitor was needed to deal with deeds etc but when i phoned them last night they assured me that all i had to do was phone them on the day i wished to pay off mortgage, they would give me a redemption figure over the phone, take cheque for that amount in local branch that day (making it clear that its to redeem mortgage) and they would post deeds to me within 14 days - i emphasise that i lived in scotland and was that definately the same procedure as england and she checked and assured me it was - it all seems too easy to be right so i think i'll write to them and get them to confirm procedure in writing but if theyre right looks like you dont need a solicitor

Prudent

Yet another cost to put you off repaying the mortgage?

parttimepar

Hi Highnet,
did you write to a&l, I'm now being told that we have to pay a solicitor for Dicharge of security and registration fees on the original mortgage amount!

jennifernil

We are in Scotland too. We are paying off a mortgage with Halifax on 1st February. I have spoken to them today and they say we should make an appointment with any branch and will be able to go there, get a redemption figure, and repay it all there and then, no solicitor required. Apparently we could also do it over the phone, but we prefer to be there to see it all goes OK.
There are some fees payable, about £175 I think.

teapot2

Could it be 'cos they assume you are remortaging without looking at the figures involved in your situation? We recently went through this [in Scotland] and had to pay Halifax a good amount can't remember without looking but either £175 or £250 to end our mortgage with them and obviously needed a solicitor 'cos we got another mortgage

Hope that makes sense am getting tired - soz if not

smartlady_2

Paying off mortgage. Anyone know why we have to pay additional fees of around £200 when one pays off a mortagages? I have been told buy Brdford and Bingley that if I don't pay the last £100 they will keep the deeds and charge me interest on the £100 thus avoiding the £200 fee. Is this a wise move or will they rip me off at a later date? Where have other money savers lodged there deeds?(Bedsides in the garden shed)