Mortgage Advice

[The Masked Poster]

So I'm just about to pay off the last of my mortgage in the next month. 

This seems like a learned place, so rather than internet search it, I wonder if anyone knows what I can expect now. I mean, will the deeds be sent to me? Or continue to be kept wherever they are now? 

Anyone done this? Any potential problems I haven't considered? 

[tonyXIII]

33 minutes ago, The Masked Poster said:

So I'm just about to pay off the last of my mortgage in the next month. 

This seems like a learned place, so rather than internet search it, I wonder if anyone knows what I can expect now. I mean, will the deeds be sent to me? Or continue to be kept wherever they are now? 

Anyone done this? Any potential problems I haven't considered? 

Wow! You lucky man. Life is great without a mortgage.

However, holding the deeds can be an issue. Losing them used to be a disaster, but not the end of the world. Banks and Building Societies used to offer to hold on to them for you if you kept a small balance in your mortgage account (I think it was £10). It might be worth it for peace of mind.

However, now that everything is computerised, you may not need the physical deeds. I would advise a quick phone call to your mortgage provider and ask for information/advice. They'll have done this before.

Good luck, and enjoy your mortgage-free life.

Edited November 11, 2022 by tonyXIII

[The Masked Poster]

1 hour ago, tonyXIII said:

Wow! You lucky man. Life is great without a mortgage.

However, holding the deeds can be an issue. Losing them used to be a disaster, but not the end of the world. Banks and Building Societies used to offer to hold on to them for you if you kept a small balance in your mortgage account (I think it was £10). It might be worth it for peace of mind.

However, now that everything is computerised, you may not need the physical deeds. I would advise a quick phone call to your mortgage provider and ask for information/advice. They'll have done this before.

Good luck, and enjoy your mortgage-free life.

Cheers for that.

It might sound a bit slack but I hadn't really planned it this way. I just realised I had £X lying in an account with about 0.0000000000000000001 % interest and I thought "what the hell am I doing, get it paid off". But I have realised there may be things to do like that, so thanks again. 

[Wiltshire Warrior Dragon]

2 hours ago, The Masked Poster said:

So I'm just about to pay off the last of my mortgage in the next month. 

This seems like a learned place, so rather than internet search it, I wonder if anyone knows what I can expect now. I mean, will the deeds be sent to me? Or continue to be kept wherever they are now? 

Anyone done this? Any potential problems I haven't considered? 

I agree with tonyXIII.  The need for physical, paper copies of the deeds may well not be necessary.

Mrs WWD and I 'downsized' about seven to eight years ago, which allowed us to pay off the mortgage.  The sale was registered with the Land Registry, the relevant government department.  You can buy the title register for your property from them, which will indicate who owns it.  I think you have to pay for that.  However, just for free, you can check when your property was last sold and for how much.  I have just checked mine and the date and price are as I recall them, so, without the cost of purchasing the title register, I am reassured that the sale was registered.

Incidentally, it looks to me as though, if you search for 'land registry' on the internet, various firms offering a service (no doubt for a fattish fee!) come up before you get to the actual land registry site, which I think is this:

HM Land Registry - GOV.UK (www.gov.uk)

Hope that helps.  Enjoy mortgage-free life!

[Red Willow]

Depends when you bought the house and the area. In most cases the Land Registry hold electronic files. You can do a search for your property for £3 on line. 

You can also register to receive notification if there are any dealings to prevent fraud