Diy convenyancing to pay ownhome scheme

Solenoid

We are in the process of paying in full the loan we got through ownhome scheme. So need a solicitor to take the loan provider's name off the land register. I called so many solicitors but couldnt find one that understand the process or that willing to take the job. I dont understand why! One said they could help if remortgaging but no we have been saving to pay this. Loan provider "places for people" says they wont help if we do our own convenyancing. Its just straightforward, take name off the register as far as we know and thought I could do it. Can anybody have any knowledge of this scheme and knows whats involved exactly on convenyancing point of view? Thanks

Tiglet2

I don't know much about the scheme, but usually when you pay the lender (Co-op?) enough money to pay off the loan, the lender would send the discharge documents to Land Registry for their charge to be removed from the title - therefore no need for a conveyancer.  Once you have confirmation from the lender that they have done so, you can download an updated copy of the register for £3 yourself.

Solenoid

Tiglet2 said:

I don't know much about the scheme, but usually when you pay the lender (Co-op?) enough money to pay off the loan, the lender would send the discharge documents to Land Registry for their charge to be removed from the title - therefore no need for a conveyancer.  Once you have confirmation from the lender that they have done so, you can download an updated copy of the register for £3 yourself.

Thank you for the reply. No we will still have mortgage with Coop after we pay off places for people. We are paying off the equity in the house. At the moment no banks let us remortgage the property because of the scheme. So paying it off ourselves. On land register it shows both coop and places for people as mortgage providers as 2 charges. Places for People told us if we do our own conveyancing, then their solicitor will charge us £75 for their side of work and they wont help us in the process but would help a solicitor if we get one. The problem with that no solicitor wants to take the job. I called at least 10 solicitors and given up in the end.

Tiglet2

Tiglet2 said:

I don't know much about the scheme, but usually when you pay off the equity loan to the lender (Places for People), the lender would send the discharge documents to Land Registry for their charge to be removed from the title - therefore no need for a conveyancer.  Once you have confirmation from the lender that they have done so, you can download an updated copy of the register for £3 yourself.

OK substitute Places for People in place of the Co-op and the second charge (the equity) is removed from the title by Places for People.  Once the second charge is removed, surely you are then free to remortgage with another lender?

davidmcn

It doesn't need to be discharged simultaneously with you paying it off - you can just leave the charge sitting there and it can be dealt with by a solicitor whenever you next remortgage or sell.

Solenoid

We paid 20% about 5 years ago. They made us get solicitor then too. I Iooked for the same solicitor/ company but he retired apparently and company is gone also. I have no idea why we needed a solicitor back then but places for people told us we had to get one. Then told us if we pay again a small chunk then we wont need solicitor until we pay the last charge. I dont know why I am paying £75 to their solicitor either if they are doing their side of the work. Yes we are hoping to sell in couple of years time to relocate. So wanted to be free of places for people. 

Solenoid

davidmcn said:

It doesn't need to be discharged simultaneously with you paying it off - you can just leave the charge sitting there and it can be dealt with by a solicitor whenever you next remortgage or sell.

Thanks. I'll ask coop tomorrow if they help us on this.