Paying off mortgage what's involved?

eurobabe

Hi I'm about to pay off my mortgage (will take on another once I move in future). What is involved in paying off my mortgage other than just clearing the outstanding balance?I'm out of my mortgage fixed term.Are there any other additional fees involved and do I need to get a solicitor involved and how are the title deeds dealt with are they sent to me etc?

p00hsticks

eurobabe said:

 how are the title deeds dealt with are they sent to me etc?

Most properties these days are registered electronically with the Land Registry - you can check if yours is by looking for it here 
Search for land and property information - GOV.UK (www.gov.uk)
(no need to buy anything - just the fact that it shows up at all indicates that it is registered). 

If it is registered, then it's unlikely that the mortgage company are holding on to any paper deeds.
When you took out the mortgage the mortgage company will have placed a charge on the property which will show up on the title, and they should arrange for this to be removed when the mortgage is paid off - not sure how much they will charge for this (but can't imagine that they'll do it for free!). 

Linus2864

Good morning Eurobabe,

You should be able to request a mortgage settlement amount from your lender which will give you the final settlement figure and any charges.   This should be able to be done electronically if it is one of the major lenders.

I paid off the mortgage in September and the only additional charge was a £275 Final Repayment Charge plus £3.73 in interest.   However the exact fees and charges will depend on your lender and mortgage terms.

I didn't receive any deeds as it was all registered electronically, and I confirmed with the Land Registry (as Poohsticks advises) that the charge had been removed.

Hope this helps

L

eurobabe

Great thanks both I've now paid it off and waiting for redemption team to prove with certificate now.