What happens when you make your final mortgage payment? 8 May 2020 at 8:50AM in Mortgage-free wannabe 8 replies 597 views

Jason12345678

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

dark^knight

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

less than 2 years for me too, so good question.  what are pro's and con's of just keeping the deeds ourselves? thanks 

A_Frayed_Knot

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.

Jason12345678

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

A_Frayed_Knot 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.

basill

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

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 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.

A_Frayed_Knot

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?

I do believe it is just in Scotland.