Do i need a solicitor when redeeming mortgage

kungfumaster

Hi guys,

As title says, do I need to get a solicitor when redeeming a mortgage? What would they do and would i be able to do it myself? What would be the approx. cost of the solicitor to deal with a redemption?

Thanks

Conrad

I do not think you will need a Solicitor if you are merely paying off a mortgage.
PS - I do Krav Maga, we whupped some Kung Fu black belts recently! Thier complex moves just did'nt work in a semi real fight situation what with all that adrenahline and tunnel vision.

moneydoesgrowontrees

Yes, you would need a Sols. No idea of the cost, but they would be required to gain a redemption statement for you, and send the funds accross to the bank. However, if you come to the end of your mortgage, I shouldn't imagine you would need a sols. You'd make your payment, they'd send you the deeds.

JonnyBravo

moneydoesgrowontrees wrote: »

Money does grow on trees...it's paper!!!

An unfortunate name and signature as it is of course incorrect.:p

Paper money is usually made from cotton paper.

Those "in the know" would tell you that cotton is a shrub.:T

I look forward to seeing your name change..... doesn't sound quite as catchy though does it.

HugoSP

moneydoesgrowontrees wrote: »

Yes, you would need a Sols. No idea of the cost, but they would be required to gain a redemption statement for you, and send the funds accross to the bank. However, if you come to the end of your mortgage, I shouldn't imagine you would need a sols. You'd make your payment, they'd send you the deeds.

No you don't need a solicitor.

You ask the lender to send you a redemption statement, ask them to talk you through the figures if you don't understand them, then arrange payment to that effect via sameday service or you may be able to send them a cheque a few days in advance.

When you have paid the mortgage off the lender will normally complete and forward a Land Registry form (if applicable) to the effect that they now longer have an interest in the property. This should be forwarded to the Land Registry to avoid complications in the event of you selling the house in the future.

I know because we did this a few years ago. I showed my solicitor the LR form they sent us and he advised me to deal with it myself, thereby saving his fees.

If your lender is a mutual, I would suggest that you open an account of some sort in the name of each person on the mortgage to maintain continuity of membership. You only need to put a few hundred in each, and this pay pay dividends in the event of demutualisation or a merger. We did this with the Portman when we paid off our mortgage and almost doubled our money when they merged with the Nationwide.

1882

If the property is in Scotland you do need a solicitor!

Nothing more to add as the above sentence says it all!

HugoSP

If you are not in Scotland then you do not need one then.

We don't know where the OP is.

1882

HugoSP wrote: »

We don't know where the OP is.

Hence my message

kungfumaster

Thanks for the replies guys.

I'm in England. I phoned my mortgage company the other day and they weren't that clued up about the procedure but thought that I wouldn't need a solicitor. They said just pay in the monies on a certain day, then they send you a letter saying that they no longer part-own the property.

They also said that the deeds are electronically stored ... not sure what implications that has?!

p.s. conrad, i'm not really a kung fu master.

HugoSP

kungfumaster wrote: »

Thanks for the replies guys.

I'm in England. I phoned my mortgage company the other day and they weren't that clued up about the procedure but thought that I wouldn't need a solicitor. They said just pay in the monies on a certain day, then they send you a letter saying that they no longer part-own the property.

They also said that the deeds are electronically stored ... not sure what implications that has?!

p.s. conrad, i'm not really a kung fu master.

Have a look at the redemption statement carefully when you get it.

It should tell you:

1. How much you owe if you pay on a certain day
2. When to pay, and the daily change/increase for every day you pay late
3. The implications of a delay over a few days
4. How to pay
5. What the breakdown of the amount owed is - make sure there are nos 4 figure redemption penalties in there - if there are seek clarification etc.

If there are any queries you need to speak to their Redemptions Department.

If the person you speak to isn't clued up ask to speak to someone who is. It is extremely imortant you get this right, and getting it right will be easy provided you get the assistance you are entitled to.

When we paid our mortgage off we were firstly given a load of waffle about what info to put on the online payment - account no etc. Hence we got it wrong. But we made damn sure we got the CORRECT information next time.