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What happens when you make your final mortgage payment?

Hi
I hope to have my mortgage paid off within the next 2 years.
I'm wondering what happens once you've completed paying it off with regards to the deeds to your home?
Are there any legal fee's etc, do you need a solicitor, do you physically get the deeds to your home?
Sorry if this has been asked before and thanks for any replies/advice.
Thanks, good luck and best wishes paying off your respective mortgages :)

Comments

  • dark^knight
    dark^knight Posts: 526 Forumite
    Part of the Furniture 500 Posts Photogenic
    Hi,
    I have just spoken to my provider about this...
    My provider charges £50 for closing the account and £50 for the deeds.
    They wanted to know whether I want the deeds sent to me or a solicitor.
    Hope that helps.
  • MrsLovely
    MrsLovely Posts: 104 Forumite
    Fourth Anniversary 100 Posts Mortgage-free Glee! Name Dropper
    less than 2 years for me too, so good question.  what are pro's and con's of just keeping the deeds ourselves? thanks 
    Dec 2010=£160k.
    Mortgage free date 9th Apr 22 😎
    E fund - £10,005/£20,000
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,308 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Depending on where you are.  I believe England have no charges.
    I got the deeds sent to me, no charge  :) 

    However, I have to appoint a solicitor to get the mortgage provider removed from the deeds.
    Approximate cost is around £250 (so I have been told),  eek need to get a move on, I still haven't done that, yet, however you have just reminded me, once the corona is over.  

    We have another 3 weeks in lockdown, being in Scotland.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • Jason12345678
    Jason12345678 Posts: 12 Forumite
    10 Posts First Anniversary
    edited 8 May 2020 at 5:13PM
    Thanks for your replies, all useful to know.
    Does seem a bit unfair that you have to pay legal fees to get your mortgage provider removed from the deeds.
    Sounds more like something they should take care of?
    I wonder if that's just in Scotland?

  • glennevis
    glennevis Posts: 740 Forumite
    Ninth Anniversary 500 Posts Photogenic Name Dropper
    Depending on where you are.  I believe England have no charges.
    I got the deeds sent to me, no charge  :) 

    However, I have to appoint a solicitor to get the mortgage provider removed from the deeds.
    Approximate cost is around £250 (so I have been told),  eek need to get a move on, I still haven't done that, yet, however you have just reminded me, once the corona is over.  

    We have another 3 weeks in lockdown, being in Scotland.
    @A_Frayed_Knot you might like to shop around for the Security Discharge. I paid £80+VAT solicitor's fee plus the Registers of Scotland fee of £60, total £156. And the solicitors are storing my deeds for no extra charge.
  • basill
    basill Posts: 1,420 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    We never saw the deeds, just a confirmation that the Land registry had been updated.   Although for most property everything is electronic now I'd have liked to keep them as a souvenir.  Unfortunately the bank had destroyed them when the record went online.
    If you want the deeds ask the bank.  Once the property is on the online Land registry the paper deeds are redundant so no need to keep them especially safe.
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,308 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    glennevis said:
    Depending on where you are.  I believe England have no charges.
    I got the deeds sent to me, no charge  :) 

    However, I have to appoint a solicitor to get the mortgage provider removed from the deeds.
    Approximate cost is around £250 (so I have been told),  eek need to get a move on, I still haven't done that, yet, however you have just reminded me, once the corona is over.  

    We have another 3 weeks in lockdown, being in Scotland.
    @A_Frayed_Knot you might like to shop around for the Security Discharge. I paid £80+VAT solicitor's fee plus the Registers of Scotland fee of £60, total £156. And the solicitors are storing my deeds for no extra charge.
    @glennevis, thanks, great price, was that quite recent ?  already had 3 quotes £250 was the cheapest, but will phone around for more quotes,  Deeds, I imagined were large, thick and bulky, for some reason, but all I got was a few sheets of A4 paper in a see through folder.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,308 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Thanks for your replies, all useful to know.
    Does seem a bit unfair that you have to pay legal fees to get your mortgage provider removed from the deeds.
    Sounds more like something they should take care of?
    I wonder if that's just in Scotland?

    I do believe it is just in Scotland.  :(
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
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