Mortgage Redemption Scotland Solicitors

pennypincher3562 · 28 August 2014 at 7:11PM

Hi

I'm in Scotland, and supposedly when I pay my mortgage off in full, I have to contact a solicitor, who will then send out a template type letter to 'bring things to a conclusion.'

Supposedly the cost of this letter can be up to about £200 (they must put lots of effort into it.) I think the solicitor may also store the documents for you.

To be honest, I'm reckon I could write the letter myself, and store the documents in my kitchen drawer.

I will already incur a £200 penalty from the lender, for paying off my mortgage early. To be honest, I don't really fancy paying £400 for next to nothing.

Does anyone know if the solicitor fee can be minimised, or even eliminated?

Thanks
PennyPincher3562

Goldiegirl · 28 August 2014 at 7:42PM

If you are not moving house, just paying off the mortgage, there shouldn't be a need for a solicitor.

You can write to your lender for a redemption figure, and pay them the money that is owing on the redemption statement. The lender then contacts the Land Registry to remove their charge, and sends the Deeds to you.

In England, all the Land Registry details are now held electronically, so the deeds are not required to confirm your ownership of the property. The deeds are just historic documents that don't need to be stored securely.

I'm not sure of the position in Scotland - you might need to check this.

But there's no need for a solicitor, unless a person wanted to use one

pennypincher3562 · 28 August 2014 at 8:22PM

Hi Goldie Girl

Thanks for the quick reply. I'm afraid that things are different in Scotland, and supposedly a solicitor is needed:

http://www.austinlafferty.co.uk/guide-to-mortgage-discharge-scotland.html

I doubt there is any way out of it to be honest, but it would still be good to get the cheapest option.

Cheers
PennyPincher3562

pablo1827 · 20 April 2015 at 7:22PM

Hi penny pincher sorry for resurrecting this thread but I am in the same position as you where in . Is there a way around this. I have been quoted £305 By solicitor to discharge the mortgage. I too live in Scotland.