Paying it all off - what about house deeds and stuff?

Fulham_Mark

Apparently in the old days people used to leave £10 mortgage outstanding so that they never actually owned their place and had to be responsible for various legal docs. Paying for storage etc.

Is there any truth in this? Do I need any legal advice when I pay it all off?

My place is freehold (150 years) does this make any difference?

Many thanks.
I'm due to do this at end of month when cheap rate ends

Mark

Kaz2904

It's a bit different now as all deeds are stored electronically by the land registry. Theoretically if you lost your deeds it wouldn't be a disaster and you would find that you'ld be sent your deeds in the post now if you remortgaged.
I don't think you need legal advice but you do need to pay for discharge by the mortgage company. HTH.

mah_jong

When I chatted to my BS about how I intended to pay off my mortgage quickly, they did suggest leaving an amount, I think it may have been 100 quid.

Amongst the reasons given was, it would be easier to raise another mortgage should I need to in the future, extensions, deposit on kids properties etc. Deeds was another, I am in Scotland no idea if its different here.

I still have a few months to go, so its not an immediate concern for me.

nearlyrich

We still owe our last mortgage lender £150, they still hold the deeds and we have the option to borrow without a survey etc.

Fulham_Mark

thanks!

This is interesting. Keeping a mortgage for credit rating and for identity verification purposes is a good thought.

Need to find out if there is a lowest amount you can have on a mortgage.