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Expectations after paying off mortgage

boo-hoo
boo-hoo Posts: 34 Forumite
in House buying, renting & selling
We have just paid off our mortgage and was expecting to receive at very least a letter from our bank. It has now been 6 weeks and still nothing. I have phoned Land Registry and they have informed me that the charge has been removed.
Can anyone tell me what the process is normally.I would have thought that we would receive a closing statement or similar by now.
«1

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Yes I'd expect you to receive a closing statement and confirmation that the mortgage is redeemed.


    Call the lender.


    However the critical factor is that the Charge has been removed from your property Title, so that's good news!
  • lees80
    lees80 Posts: 160 Forumite
    100 Posts First Anniversary
    We've just completed a remortgage last week (gone to another lender, better deal). Had nothing from the old lender as yet.

    We also sold a property last month and had nothing from that lender yet either.
  • Clutterfree
    Clutterfree Posts: 3,679 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Photogenic
    Now you’re mortgage free, it’s worth putting a property alert on your property.
    https://propertyalert.landregistry.gov.uk/
    :heart: Ageing is a privilege not everyone gets.
  • welwynrose
    welwynrose Posts: 111 Forumite
    Part of the Furniture 100 Posts
    We got a letter with a closing statement & the title deeds when we paid ours off a few years ago
  • Socajam
    Socajam Posts: 1,238 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Clutterfree wrote: »
    Now you’re mortgage free, it’s worth putting a property alert on your property.
    https://propertyalert.landregistry.gov.uk/

    Thanks for this.
    As I am mortgage free, I will definitely sign up this weekend.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    boo-hoo wrote: »
    Can anyone tell me what the process is normally.I would have thought that we would receive a closing statement or similar by now.

    As purely an admin task not high priority internally. Would have taken the LR a few weeks to action their part.
  • chrisw
    chrisw Posts: 3,960 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    G_M wrote: »
    However the critical factor is that the Charge has been removed from your property Title, so that's good news!

    I never removed the Charge when I paid my mortgage off. In fact I think it's still the name of my original first lender.

    Does it matter for anything?
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I still have the scrappy bit of paper somewhere. It was definitely not special to look at and A6 in size, so totally out of proportion to the joy it engendered.


    The joy was short lived. My father died, leaving me a small property with a charge against it which exactly matched the one we'd just cleared......
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    chrisw wrote: »
    I never removed the Charge when I paid my mortgage off. In fact I think it's still the name of my original first lender.

    Does it matter for anything?
    It doesn't really matter in the meantime, but it'll need to be removed when you sell (or remortgage). Often it's easier to get it done sooner, rather than hope that your lender (or their successors) will be able and willing to sort it out years after they've closed your account.
  • Marvel1
    Marvel1 Posts: 7,512 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Clutterfree wrote: »
    Now you’re mortgage free, it’s worth putting a property alert on your property.
    https://propertyalert.landregistry.gov.uk/

    Can you do this even with a mortgage?
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