Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • PippyLS
    • By PippyLS 12th Aug 18, 12:30 PM
    • 21Posts
    • 5Thanks
    PippyLS
    Final Mortgage Payment
    • #1
    • 12th Aug 18, 12:30 PM
    Final Mortgage Payment 12th Aug 18 at 12:30 PM
    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?
Page 1
    • Hoploz
    • By Hoploz 12th Aug 18, 1:43 PM
    • 3,842 Posts
    • 3,386 Thanks
    Hoploz
    • #2
    • 12th Aug 18, 1:43 PM
    • #2
    • 12th Aug 18, 1:43 PM
    Just call your mortgage co and they will tell you if anything needs doing.

    P.S Congratulations!!
    • PippyLS
    • By PippyLS 12th Aug 18, 2:09 PM
    • 21 Posts
    • 5 Thanks
    PippyLS
    • #3
    • 12th Aug 18, 2:09 PM
    • #3
    • 12th Aug 18, 2:09 PM
    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.
    • Waterlily24
    • By Waterlily24 12th Aug 18, 3:01 PM
    • 1,081 Posts
    • 610 Thanks
    Waterlily24
    • #4
    • 12th Aug 18, 3:01 PM
    • #4
    • 12th Aug 18, 3:01 PM
    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.
    • steampowered
    • By steampowered 12th Aug 18, 3:13 PM
    • 2,955 Posts
    • 2,931 Thanks
    steampowered
    • #5
    • 12th Aug 18, 3:13 PM
    • #5
    • 12th Aug 18, 3:13 PM
    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.
    • 00ec25
    • By 00ec25 12th Aug 18, 3:20 PM
    • 7,334 Posts
    • 7,047 Thanks
    00ec25
    • #6
    • 12th Aug 18, 3:20 PM
    • #6
    • 12th Aug 18, 3:20 PM
    I don't know but I guess the bank does this? Worth checking.
    Originally posted by steampowered
    the bank should do that, but as you say, always wise to check it has happened.

    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 records
    • PippyLS
    • By PippyLS 12th Aug 18, 3:24 PM
    • 21 Posts
    • 5 Thanks
    PippyLS
    • #7
    • 12th Aug 18, 3:24 PM
    • #7
    • 12th Aug 18, 3:24 PM
    Thank you all. I now know what to ask them
    • PippyLS
    • By PippyLS 13th Aug 18, 8:48 PM
    • 21 Posts
    • 5 Thanks
    PippyLS
    • #8
    • 13th Aug 18, 8:48 PM
    • #8
    • 13th Aug 18, 8:48 PM
    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.
    • Mkaan
    • By Mkaan 13th Aug 18, 9:09 PM
    • 20 Posts
    • 14 Thanks
    Mkaan
    • #9
    • 13th Aug 18, 9:09 PM
    • #9
    • 13th Aug 18, 9:09 PM
    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!
    • PippyLS
    • By PippyLS 13th Aug 18, 9:15 PM
    • 21 Posts
    • 5 Thanks
    PippyLS
    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 luck
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,245Posts Today

6,180Users online

Martin's Twitter