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What happens when you make your final mortgage payment?

Jason12345678
Posts: 12 Forumite

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
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

2
Comments
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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.3
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less than 2 years for me too, so good question. what are pro's and con's of just keeping the deeds ourselves? thanksDec 2010=£160k.
Mortgage free date 9th Apr 22 😎
E fund - £10,005/£20,0001 -
Depending on where you are. I believe England have no charges.I got the deeds sent to me, no chargeHowever, 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 27.10.191
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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?
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A_Frayed_Knot said:Depending on where you are. I believe England have no charges.I got the deeds sent to me, no chargeHowever, 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.
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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.
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glennevis said:A_Frayed_Knot said:Depending on where you are. I believe England have no charges.I got the deeds sent to me, no chargeHowever, 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 27.10.190
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Jason12345678 said: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?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 27.10.191
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