Mortgage payed off, what now?

davidqu

Hi, I got my confirmation letter on Saturday to tell me my mortgage has been paid off, great feeling !!

There's a line in the letter I'm not sure about though

It is your responsibility to arrange for the discharge to be sent to us for signing and then to register the discharge. You can ask your solicitor to do this for you or alternatively you could consider preparing a discharge yourself.

I'm obviously not wanting to pay a solicitor if I don't have too, anybody know what's involved in this as I don't have a clue.

Many thanks

rev229

No Idea we paid our off in May with Intelligent finance, they closed the account. We paid to have our title deeds via email for about £30ish. We then printed the deed absolute. Bit of an anti-climax really! I wanted a certificate and badge saying well done !!;)

worried_jim

rev229 wrote: »

No Idea we paid our off in May with Intelligent finance, they closed the account. We paid to have our title deeds via email for about £30ish. We then printed the deed absolute. Bit of an anti-climax really! I wanted a certificate and badge saying well done !!;)

My parents recently made their last payment. With one month to go they cancelled the dd and on the day the last payment was due got the bus into town and went into the branch and made the payment in person. They thought there would be a balloon or a handshake but nothing- what a pair of old duffers!

They said it was such an anti-climax. I shouldn't take the mick so much as I will probably end up doing the same in 15 years time when I finish mine- we all turn into our parents!:rotfl:

davidqu

I've looked online, I'm not sure if its something to do with the land registry?

I'm at pains to pay a solicitor any more money if I don't have too, they got enough when I bought the house initially

Well I certainly celebrated last night, I did get a congratulations off the girl on the phone when she took the payment as well

kabads

Paid our mortgage off a couple of months ago with FirstDirect - they did congratulate me (only over the phone though) and the guy said he was quite jealous - I felt a bit sorry for him. Anyway, they've lost the deeds, saying they got lost in transit between my mortgage with them and then with Leeds Building Society - however, I shouldn't worry as it is all done electronically now - the land registry will show that the property has no hold over it.

Not sure why they want you to involve a solicitor, when it is usually so simple.

HelenDaveKids

When we paid our last mortgage off we got a letter from the bank saying congratulations and they offered to keep a £1 debt and keep the deeds. I believe its all online now.

sunflower_2

"Mortgage payed off, what now?"

maybe some spelling lessons??

p.s. this is lighthearted banter

Land_Registry

davidqu wrote: »

It is your responsibility to arrange for the discharge to be sent to us for signing and then to register the discharge. You can ask your solicitor to do this for you or alternatively you could consider preparing a discharge yourself.

I'm obviously not wanting to pay a solicitor if I don't have too, anybody know what's involved in this as I don't have a clue.

Many thanks

As others have mentioned the majority of lenders normally discharge their legal charge (the mortgage) electronically with us.

The form they are referring to is a form DS1 and the application form you would use to lodge this is then a form DS2 - you can download and print the forms online

If you have any difficulty with the forms then Contact Us for help in their completion

originalmiscellany

In all seriousness, depending on your age and financial position, your next steps should be based around where you want to be when oyu retire!

If you want to continue saving as you have done on paying the mortgage, you will start to build up a nest egg quite soon.

If you want to consider putting extra savings into a pension this is a possibility.

If you want to move up to a bigger house, then continue saving!

Well done by the way, we too are in a position where we are MF and the pressure that's taken off your shoulders by knowing you don't owe the bank anything is quite a feeling

tootoo

I complete the relevant Land Registry forms on a daily basis, so if you need any help let me know. Also, as the Land Registry have said above, just drop them a line and they are most helpful

davidqu

tootoo wrote: »

I complete the relevant Land Registry forms on a daily basis, so if you need any help let me know. Also, as the Land Registry have said above, just drop them a line and they are most helpful

Right !!!!, I was working all day and never got chance to access the forum but did call the solicitor who originally set up my mortgage.

He told me that the cost will be £180 for him to write to the bank and arrange the discharge.

He is also in possession of the title deeds.

He said he has never heard of anybody doing this without a solicitor and being all official. Have I just been naive and been stung for £180?