Paying off mortgage (what actually happens)

candyman

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158
What actually happens when you make the final payments on a mortgage?
Do you need a solicitor services to close out a mortgage?
Or is a case of making the last payment and collecting the house deeds from the bank?

What am I missing?

Many thanks.
 

Protocol

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2,959
I cleared my Danske mortgage early.

I rang them, requested redemption figure.

I transferred that amount to them.

They sent postal acknowledgment.

They advised return of deeds would take 12 weeks.

It was more like 16 weeks.
 

DeeKie

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Be very careful with the deeds when you get them. Don’t keep them in the house
 

Brendan Burgess

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twofor1

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What actually happens when you make the final payments on a mortgage?
I cleared my mortgage a few years ago. My bank posted out all the title documents to me.

With the documents was a letter saying either I or my solicitor would need to lodge the enclosed Form 7 with the enclosed vacated mortgage in the Registry of Deeds to have the banks charge removed from the register.

I did it myself, think there was a €20 charge, Form 7 is straightforward. Got the lot back few weeks later, job done.
 

Bronte

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13,681
My bank wrote to me that they wanted the name of my solicitor to send the deeds to. As I didn't fancy that I just ignored the letter. I prefer the bank to mind them for me for free.

In the past the mortgage had to be 'vacated' and there was a fee, as per Twofor1's post. But that's all changed now and it costs nothing. The bank just write to you to let you know the mortgage is paid and you can have the deeds.
 

LS400

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518
My bank wrote to me that they wanted the name of my solicitor to send the deeds to. As I didn't fancy that I just ignored the letter. I prefer the bank to mind them for me for free.

Thats all fine and dandy, until you go looking for them in a hurry. With branch mergers and closures the over the years, we found the paper trail was not exactly smooth running.
 

Leo

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10,361
Can the document just be scanned and stored in the cloud?
I think that might be like scanning a tenner and storing it in the cloud. From here:

Lost deeds

Because the Registry of Deeds keeps a memorial or ROD application form summarising the change of ownership or mortgage, you can get a copy of this document to replace a lost or misplaced deed. A memorial or ROD application form does not have the same legal effect as a deed but provides secondary evidence of the contents of the deed. You can get a certified copy for €20 and a plain copy for €1 per page.
 

tallpaul

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1,049
Can the document just be scanned and stored in the cloud?
This is exactly what I did a few years ago. Received a large sheaf of papers which included all sorts of documentation. Helpfully the bank had categorised it into twenty or so different categories. I simply scanned each category and have twenty or so pdf's of my 'deeds'. Of course these are not the originals but are a useful copy that can't be lost (they are saved in multiple online and physical locations) and take up no physical space!
 

candyman

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158
You get a special kinda feelin. There should be a Ryanair end of flight fanfair as you walk out of the bank..
Dancing girls, hula hoops, fireworks... I like it!
I will let you know what colour carpet KBC roll out for me when I do this...
 
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