Deeds release fee

H

Havana

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Is it normal for your bank (NIB in our case) to charge a fee to release your deeds?

We are remotgaging and they have charged us €65 for the deeds- this have been taken from the account from which we pay the mortgage. I don't recall such a fee when we switched before- or would they have added it to the amount due on the mortgage as we didn't have a current account with that bank.
 
Yes, this fee is a 'normal charge', the amount depends on your lender, i.e. it can vary.
 
typical- oh well thanks! Guess it must have been added to the mortgage the this time. Wish they had done that this time as if I hadn't noticed it today the account would have gone into overdraft.

Thanks anyway!
 
I'm not sure that it's so cut and dried. I don't remember having to pay EBS anything to release the deeds. They did give the option of paying them to have their interest removed from the mortgage but I took the option of going the manual route, bringing the deeds to be updated at the Land Registry (Setanta House, Nassau Street in our case) and having them updated myself. At c. IR£25 it was about half what EBS were charging.
 
The bank I worked for had a release of mortgage fee (applied when you re-mortgaged anyway and maybe if you paid off mortgage early). It was around that sum so sounds about right. You don't think you can leave a bank early and not have some penalty to pay do yah? ;)
 
micamaca said:
You don't think you can leave a bank early and not have some penalty to pay do yah? ;)
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It's not a penalty-it's a charge for releasing the deeds-some of it goes directly to the Land Registry/Registry of Deeds, the rest is an admin charge (which you can save by doing the work yourself). The fee is payable on remortgagting (e.g. when purchasing a new property but staying wity the same bank), not just when you are changing lender.
 
Maybe not a penalty then, but certainly it's all money going out! I'd say if people can reasonably do any part of admin themselves, go for it...its absolutely shocking what companies charge for simple admin. Get yourself a nice bottle of vino instead!
 
€65 would buy more than one bottle of the kinda wine I am used to drinking!
 
My point above is that you can minimise the costs involved in vacating a mortgage if you take the deeds yourself up to the relevant Land Registry/Registry of Deeds office to have the erstwhile lender's interest in the property removed. The lender will generally charge a premium above this fee to do the same job. In my case it was about the same again as the Land Registry were charging. Probably too late in this specific case but might be of help to others out there.
 
Havana said:
€65 would buy more than one bottle of the kinda wine I am used to drinking!
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You wouldn't save €65 by doing it yourself, you would save around half that.
 
Did it myself 2 weeks ago. Land registry charged me €25 while ebs gave me the option of having their solicitors do it for 65+vat. It was a clever use of wording, as I'm sure most people would then assume you need a solicitor to fill in the form.
 
Doing it yourself is not a option on a remortgage. Only applies to those lucky devils who have paid their mortgage off. The bank won't release your deeds to you until your mortgage is paid off. They will however release them to your solicitor on accountable trust receipt on payment of the relevant fee. EBS charge around €70 including delivery for this service. Most banks charge a similar amount. There is no fee to release the deeds when you pay off your mortgage before you want the deeds. The €25 being talked about is the land registry's fees for taking the mortgage off your folio
 
lukegriffen said:
Did it myself 2 weeks ago. Land registry charged me €25 while ebs gave me the option of having their solicitors do it for 65+vat. It was a clever use of wording, as I'm sure most people would then assume you need a solicitor to fill in the form.
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EBS gave me the option of them doing it too but were very clear and up front about what was involved and about the fact that I could always opt to do it myself. They certainly didn't try to mislead me. However I did make a point of going into the office to discuss the matter with them rather than just relying on the letter that was sent to me. But I think that this letter also outlined the options to me anyway.
 
ramble said:
There is no fee to release the deeds when you pay off your mortgage before you want the deeds. The €25 being talked about is the land registry's fees for taking the mortgage off your folio
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There is (in most or all cases) an additional charge over and above the Land Registry charge if you get the lender to sort this out for you. I know because like lukegriffen I am one of those "lucky devils" that you refer to and so have actually been the whole process and chose the "DIY" option.
 
The other thing to be careful of is unless you (your solr) specifies that the release is for sale then you'll be charged again to vacate the mtg.
 
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