Completed mortgage - what happens next?!

garfield33

Our Nationwide mortgage will be fully repaid this year - but we’ve no idea what happens then!

Do we have to pay them to send us the documents, or do we pay them to store them? Do we just get them from the land registry?

If we do need to pay for secure storage - what is a good annual rate?

Thanks in advance.

chanz4

all electronic these days, just get a letter charge removed

Hoenir

You'll be charged a mortgage redemption fee with your last payment. This will cover the inhouse legal costs of removing the charge on the property registered with the Land Registry. This will be confirmed in writing some weeks later. The administration process taking a while. 

Land_Registry

Nationwide will remove the charge from the registered title electronically and direct with us. There’s nothing for you to then ‘hold’ as proof of ownership
Have a read of our blog article for a fuller explanation  
https://hmlandregistry.blog.gov.uk/2018/02/19/title-deeds/

garfield33

Hi everyone, thank you for your advice / knowledge

KevinUTO1867

garfield33 said:

Hi everyone, thank you for your advice / knowledge

Congratuations on nearing the end of your mortgage - must be a great feeling! . Enjoy the extra money and being mortgage-free!

jrawle

I did this at the end of last year. You should phone a couple of weeks before to ask for a redemption figure, to make sure your final payment is for the exact amount owing. This will include any fees. If you have less than 10 years left on your mortgage, there is no admin fee to pay.

As others have said, there are no paper documents as everything is held electronically. I recommend signing up for Land Registry alerts, if you are not already signed up. You will then receive a notification when Nationwide apply to remove the charge from your mortgage. Going forward, it's a good idea to sign up for these alerts anyway, as not having a mortgage makes is that slight bit easier for someone to "steal" your property.

housebuyer143

garfield33 said:

Hi everyone, thank you for your advice / knowledge

If you register for land registry alerts on your house then you will know when the charge has been applied to be removed. 

MrWannabe

Following this thread with interest, as late February, my current (10yr!) fixed mortgage term finally comes to an end.  The outstanding balance will be very low.  I plan to pay off the balance the very day the fixed term ends (the SVR I will revert to is extortionately high, so out of principal, I don’t want to be hit with even 1 day of interest at the SVR rate)

Anyway, looking forward to finally being mortgage free & in readiness/after reading the earlier comments on this thread, I have signed up for Land Registry Property Alerts (this process also gave me visibility of the title number, although I guess I likely have that on paperwork somewhere in the house!)

Also, I have created an account with GOV.UK Property Information Services. When I search against the title number on GOV.UK Property Information Services, I am presented with the option of paying for the ‘Title Register’ (£3) and/or ‘Title Plan’ (also £3).  Would be interested in any comments/thoughts about these documents.  More than happy to pay the small fee for each, but am I correct in thinking  that it would make sense to order/pay for these documents only after I have paid off the mortgage?  I understand that the ‘Title Register’ details whether there is a mortgage on the property.  Does anyone know how long I should leave it after paying off the mortgage before ordering the ‘Title Deed’?   I guess I need to allow enough time for records to be updated (to show no mortgage on the property) before ordering the ‘Title Deed’ but the question is, how long does/should it take for details to be updated?

user1977

MrWannabe said:

When I search against the title number on GOV.UK Property Information Services, I am presented with the option of paying for the ‘Title Register’ (£3) and/or ‘Title Plan’ (also £3).  Would be interested in any comments/thoughts about these documents.  More than happy to pay the small fee for each, but am I correct in thinking  that it would make sense to order/pay for these documents only after I have paid off the mortgage?  I understand that the ‘Title Register’ details whether there is a mortgage on the property.  Does anyone know how long I should leave it after paying off the mortgage before ordering the ‘Title Deed’?   I guess I need to allow enough time for records to be updated (to show no mortgage on the property) before ordering the ‘Title Deed’ but the question is, how long does/should it take for details to be updated?

Is there any particular reason for wanting it? All it is is a record of what was on the Land Registry's system at the time you download it. If you already have a copy of your title then the only difference would be the charge being removed.

Land_Registry

Timescales vary from lender to lender as to how swiftly each lender removes (discharges) the mortgage (legal charge). Generally speaking on average it’s around 12 days but can be as long as 4 weeks. 

There’s no rush though as suggested as you can view/download the register at any time and as and when you need to