Mortgage paid off/Sold house

Carl2510

Evening,

I recently sold my house and as the process goes my mortgage was paid off with the proceeds from the sale, my credit report has updated on Clearscore and it’s still got my mortgage on there with £122 left on it should I be worried it still has that and contact them or or wait another month and it should clear fully?

thanks

D3xt3r5L4b

It can take a minimum of 6-8 weeks to update. Sometimes more in the current “pandemic”. 

Carl2510

Thanks I’ll see what happens next month.

MovingForwards

If the bulk of the outstanding mortgage was paid off when the house sold, but £122 is still showing on your report as outstanding check with your solicitor as to whether s/he has redeemed the whole mortgage, that the redemption statement covered the date the house sold and how much was outstanding, also check how much they sent.

If the solicitors confirm all the figures tally, revert to your previous lender.

As I'm assuming your outstanding mortgage was more than £122.

bradders1983

Barclays havent updated Equifax (Clearscore) with my mortgage balance since the 8th Sept, it says as much. I really wouldnt worry about it. Obviously as above you can check with the lender if it is 100% paid off if that puts your mind at rest.

Carl2510

Thanks, I shall check with the lender just to make sure and double check as I don’t want it coming back and biting me on the !!!!!! as I’ve already got a new mortgage in place ready for my house to be built next year. I’ve not cancelled any direct debits so if they did need to take it they could.

Thrugelmir

Your lender will write to you once the mortgage charge is removed from the property at the Land Registry. 

bradders1983

Thrugelmir said:

Your lender will write to you once the mortgage charge is removed from the property at the Land Registry. 

My solicitor informs me that there is a bit of a backlog there at the moment so the OP shouldnt expect it any time soon.

Thrugelmir

bradders1983 said:

Thrugelmir said:

Your lender will write to you once the mortgage charge is removed from the property at the Land Registry. 

My solicitor informs me that there is a bit of a backlog there at the moment so the OP shouldnt expect it any time soon.

Lenders staff will be home based. Land registry likewise. Delays through the entire chain. 

Carl2510

Update;

My solicitor rang my old lender (Platform) but they said they wouldn’t speak to him only to me. So I rang them on hold for about 45 minutes. Got through and they said the account is closed. So as far as I’m aware the balance of £122 doesn’t exist I shall keep my eye on it still just incase. They also said they sent my title deeds to my old address why they did that is beyond me and I’ve now given them my current address to sent to if the the deeds are sent back as it has to be signed for if not I’ll have to go round and collect at my old property.