pay off mortgage

M

mellon

Guest
Hi Iam new to this forum so hopefullly i have posted this in the correct location.
I have only 30k left on my morgage and Iam going to fully pay it off.

My questions are.
If for some reason into the future i wish to move house ,are there any downfalls in having to start /open a new mortgage.
Would i still be entitled to interest relief ?

Are there any alternative in finalising the deeds rather than goiing through a solicitor ?
Thanks mellon
 
mellon said:
Are there any alternative in finalising the deeds rather than goiing through a solicitor ?
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If you mean vacating the mortgage claim by the lender from the deeds then you can do this yourself by bringing the deeds to the Land Registry/Registry of Deeds and paying them the fee directly. The lender will probably offer to do this for you for a higher fee.
 
ClubMan said:
If you mean vacating the mortgage claim by the lender from the deeds then you can do this yourself by bringing the deeds to the Land Registry/Registry of Deeds and paying them the fee directly. The lender will probably offer to do this for you for a higher fee.
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How much is the fee? Do you have to bring any documentation from the bank acknowledging that they can be removed from the deeds or do they assume its ok once you have the deeds? I paid off the mortgage on my apartment last month and want to do this without incuring any unnecessary extra expenses. Any other tips on mistakes to avoid welcome.

Found this answer to my own question. Here http://www.landregistry.ie/index.asp?docID=314

I have paid off my mortgage how do I register the vacate?
Firstly check the original mortgage to see if it has a stamp on the front page indicating that it was registered in Registry of Deeds . Then, check that the lending institution has acknowledged receipt of all monies due . This acknowledgement is usually towards the back of the original deed of mortgage . If the answer is yes to both questions lodge the original deed in the Registry of Deeds with € 12 fees.
 
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GeneralZod said:
How much is the fee?
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It was about £25 when I did it c. 2000. Check the Land Registry website and it should be stated there.
Do you have to bring any documentation from the bank acknowledging that they can be removed from the deeds or do they assume its ok once you have the deeds?
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I think the lender gives you a letter confirming that the loan is paid off and you bring that. Can't remember for sure at this stage.
I paid off the mortgage on my apartment last month and want to do this without incuring any unnecessary extra expenses. Any other tips on mistakes to avoid welcome.
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It's pretty simple. Your lender should be able to fill you in on any other details. I was with EBS and they were very clear about what I needed to do. It was a nice feeling walking out of Setanta House with the mortgage vacated and the deeds under my arm. And then onto PTSB to lodge them for safe keeping. :)
 
Just rang aib to close my mortgage account. The guy on the phone insisted that they have to send the deeds to my solicitor, who retired from his legal firm last year, so someone else will presumably look at it. He didn't seem to want entertain the possibility of just giving me my deeds directly.

Now the question is can I get the deeds from the solicitor without them extracting a cut. Perhaps they'll hold the deeds for me..
 
GeneralZod said:
Just rang aib to close my mortgage account. The guy on the phone insisted that they have to send the deeds to my solicitor (who retired from his legal firm last year). He didn't seem to want entertain the possibility of just giving me my deeds directly.
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Thats rubbish as far as I know. You own the deeds and has nothing to do with your solicitor.
 
ClubMan said:
And then onto PTSB to lodge them for safe keeping. :)
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Did they charge you for this service or did you have the facility with PTSB already?
When I cleared mortgage with EBS I left deeds with them as I was selling shortly afterwards but was interested in exploring options had I needed to take them.
 
DirtyH2O said:
Did they charge you for this service or did you have the facility with PTSB already?
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No charge. I have been with PTSB for years now as a current account and previously savings account customer but not for any other products or services including safe keeping before this.
When I cleared mortgage with EBS I left deeds with them as I was selling shortly afterwards but was interested in exploring options had I needed to take them.
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EBS would not keep the deeds for me at the time. Full up they said. Other than PTSB my next option was going to be my solicitor or a fireproof safe at home!

Sunny said:
Thats rubbish as far as I know. You own the deeds and has nothing to do with your solicitor.
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I agree. I don't believe that this is the case. Certainly not my experience. EBS helpfully explained how I could get them to do it for a fee on top of the normal Land Registry charge or just take the deeds myself (possibly with a letter from them confirming that the mortgage had been cleared) and sort it out with the Land Registry - which is what I did. Why not print out this thread and present it to your lender and ask them to comment?
 
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