Paid off mortgage early, what happens deeds?

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gm88

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Not sure if this the correct forum. After much deliberation, two weeks ago we paid off our mortgage (19 years early!). It was with one of the major banks. We have received notification that the mortgage is cleared. However, there is no mention of the house deeds.

So, just wondering what happens next where the deeds are concerned? Do we assume that the bank hold them for us, or do we need to engage a solicitor to get them? Do we have to pay for their storage and safe keeping?

Any advice?
 
if it is possible you might consider leaving the mortgage in place in case you wished to borrow again assuming the mortgage was not for a fixed sum. your solicitor will have to arrange a release of the mortgage (lender will charge a small fee) and have the release registered either in land registry or registry of deeds. most bank nowadays i think do not accept items for sake custody and if they did again a fee would be involved.
 
Since you have paid off the mortgage, your lender will arrange for the mortgage to be vacated and sealed. If possible leave the title deeds with the lender until you need them again yourselves. It will save you the trouble of finding a secure place to store them. If your lender will not hold them, I'd suggest leaving them with your solicitor or in your bank.

If moving the title deeds I'd recommend sending by registered post or delivering in person yourself. Ask for a receipt on delivery.
 
In my experience your deeds will be "released" by your bank to the solicitor they have on record for you. If you want the deeds released to you directly you should make contact with the bank and tell them this. If they do release the deeds to you directly you will have to arrange to have the actual release deed lodged in the relevant registry - Registry of Deeds or Land Registry so that they can note on the title to your property that the mortgage has been cleared. It might just be easier to get your solicitor to do this.
 
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Apologies not an answer of any sort, but I just wanted to say to the OP:

Ya lucky bugger !!!!!
 
RMCF said:
Apologies not an answer of any sort, but I just wanted to say to the OP:

Ya lucky bugger !!!!!
Click to expand...

I would like to echo those sentiments :)

Oh well, only 29 years to go.....
 
Well RMCF and Blueberry 08, although you both had no great advice to offer us, you both made us laugh!!!!!

We just got lucky basically. Moved home at the right time, kept the original house and let it out (on the bank's advise). Got fed up dealing with the tenants complaints - they break things and we must fix! so we sold just before the property market slowed - again just pure luck.

So now we are mortgage free!!!!
But the bank hasn't mentioned the deeds...........
 
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