paid off mortgage

MK_2020

northern_star wrote: »

...
"There are none. Everything is electronically stored. We write to the Land Registry and ask them to remove the charge on the property - that's what your £225 exit fee is for"
...

How on earth a bank or building society can justify a £225 charge for one letter to the Land Registry is beyond me. I thought all the other over the top charges were bad enough but that's just outrageous. :eek:

giraffe25

Having read this thread i'ts made me think about my situation,

I paid my mortgage off a couple of weeks ago to Intelligent Finance
All i did was ring IF up and ask for a mortgage balance, which i transfered money from another account to make balance zero.

I was given an option to close the mortgage completly for a £50 fee, or leave the balance as zero but keep the mortgage open for no fee, which i did.
IF said they didn't hold any of my deeds all electronically held.
But having read this thread about land registry and ownership of property what should i of done?

starlet10

We have just recently paid off our mortgage too. The first time we did this, we got our deeds sent back to us, but I think the Land Registry kept electronic copies anyway. The records were updated with the mortgage lenders charge removed and our names showing as the full owners of our property.

When we remortgaged, it was all done electronically between the mortgage lender and the Land Registry. So this time when we paid off our mortgage, we just got a written confirmation from our bank that the charge was removed and the Land Registry records were updated.

There is more details at the Land Registry website here:
http://www.landregistry.gov.uk/docs/public_guides/public_guide3/discharge/

northern_star

MK_2020 wrote: »

How on earth a bank or building society can justify a £225 charge for one letter to the Land Registry is beyond me. I thought all the other over the top charges were bad enough but that's just outrageous. :eek:

Our thoughts exactly :rolleyes: