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Final Mortgage Payment
PippyLS
Posts: 21 Forumite
Apologies if this should be in MFW, moderators feel free to move if so.
I've been looking and cannot see anything else same as my query.
I am in the position of being able to pay of my mortgage. It is a leasehold flat with 92 years left, mortgage with Bank of Scotland. I will not be selling it.
I have got a redemtion figure, I know their fees will be added.
My question is, is it as simple as making their final payment or is there something else I need to do. Do I need a solicitor / conveyance involved?
I've been looking and cannot see anything else same as my query.
I am in the position of being able to pay of my mortgage. It is a leasehold flat with 92 years left, mortgage with Bank of Scotland. I will not be selling it.
I have got a redemtion figure, I know their fees will be added.
My question is, is it as simple as making their final payment or is there something else I need to do. Do I need a solicitor / conveyance involved?
0
Comments
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Just call your mortgage co and they will tell you if anything needs doing.
P.S Congratulations!!0 -
Thank you. Started that hence the redemption figure. Just wondered if anything had to be 'legal' as against nice to be but im sure they will let me know.0
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In the old days an 'All Monies Paid' certificate used to be issued by the mortgage company. Usually went to the solicitor but I'm not sure what happens these days. I used to deal with the redemptions in a building society.0
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Once the mortgage is paid off, an application will need to be made to the Land Registry to remove the mortgage from your registered title.
I don't know but I guess the bank does this? Worth checking.0 -
the bank should do that, but as you say, always wise to check it has happened.steampowered wrote: »I don't know but I guess the bank does this? Worth checking.
You don't need a solicitor to do an end of mortgage, you just need to ensure the lender does what it is supposed to do:
a) write and confirm the mortgage is cleared; and
b) remove their charge from the Land registry records0 -
Thank you all. I now know what to ask them
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Just for anyone in the future, apparently there is a ceiling / sealing (telephone conversation) that the government now sets when you close a mortgage of £75.
Otherwise they have given me the info required and will remove their charge at land registry.0 -
Thank you for this, was wanting to query for a family member. So if iv got it correct in order to pay in full the mortgage there is a fee of £75?
Also, would you know if they sold the house and pay off the mortgage( very little left) from the sale, would there still be the fee?
Many thanks and well done on being mortgage free!0 -
Mkaan ....not sure. I suppose if you are selling your solicitors will have the final account with all payments made against monies coming in.
I have googled since and this can also mean 'exit' fee. I am still in my ERC period so that may play a part too.
Good luck0
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