Legal Charge

ShiftZZ

I paid off my mortgage over 10 years ago, remently my lender sent me my deeds (after the said they woudl keep them) anyhow it turns out that when I paid my mortgage off, they kept the charge on the property, when challenged they said "It was just in case that you wanted to borrow more money"..

I am fuming...

What is the legal position of leaving a charge on a property when ts been repaid..

kingstreet

There is no legal position.

You want it removed, ask them to remove it.

Some do it automatically at redemption, some don't. Not worth getting wound up about TBH.

ShiftZZ

So they can retain a legal charge without lending any money? Interesting... So had I applied to another lender to borrow and that could have caused me problems!

davidmcn

ShiftZZ wrote: »

So they can retain a legal charge without lending any money? Interesting... So had I applied to another lender to borrow and that could have caused me problems!

No, it's a perfectly normal part of the process to discharge the old mortgage at the same time as you take out the new one.

cahillg81

I sense someone is trying to get money for nothing!


Move along, nothing to see here.

ShiftZZ

"I sense someone is trying to get money for nothing!
Move along, nothing to see here."

What makes you think that?

A rather pompus and arrogant reply at best..

For accuracy, had I appled for another mortgage, my data could have cross matched with others and found to have lied about not having a charge...

davidmcn

ShiftZZ wrote: »

For accuracy, had I appled for another mortgage, my data could have cross matched with others and found to have lied about not having a charge...

Lenders would only care about what your liabilities are, the fact there's a (disused) charge still in existence is irrelevant to your application.

Missus_Hyde

ShiftZZ wrote: »

"I sense someone is trying to get money for nothing!
Move along, nothing to see here."

What makes you think that?

A rather pompus and arrogant reply at best..

For accuracy, had I appled for another mortgage, my data could have cross matched with others and found to have lied about not having a charge...

Actually, Shift, I would agree with you, both about the post and also the fact that the lender had left a charge on the property after the mortgage was paid off.

They would have received a very terse phone call from me, telling them to remove the charge forthwith.

cahillg81

There is nothing pompous or arrogant about my post. It is what it is, you have already been told this is standard, which it is and you are showing some sort of mock outrage.

Thrugelmir

ShiftZZ wrote: »

What is the legal position of leaving a charge on a property when ts been repaid..

Did you ask for for the charge to be removed?

In years gone by people would leave the mortgage running. As lenders would in effect provide free storage for the paper deeds. With the digital age. What's required is now held on line by the Land Registry. Hence why your deeds were recently returned. Other than for historical reference they are of no value.