killiekosmos
Guru
I think the change of ownership/ laxck of other financial intersts should be registered with Registers of Scotland (RoS) in the Land Register.
Paying off a Mortgage
- Thread starter JtB
- Start date
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I think the change of ownership/ laxck of other financial intersts should be registered with Registers of Scotland (RoS) in the Land Register.
Night Train
Maker of Things
- Location
- Greater Manchester
I settled my mortgage in 2001 and aside from contacting the lender to check the exact amount outstanding and then making the payment there was no great fanfare. I got the documents back in a large pack and had the details of the house from its first record. Really great reading.
Sadly I then remotgaged again to free up some money to go back to college and change my career so I will have to pay it off all over again. At least this time it is only a small amount.
Sadly I then remotgaged again to free up some money to go back to college and change my career so I will have to pay it off all over again. At least this time it is only a small amount.
Although registered title deeds have "dematerialised" pursuant to the Land Registration Act 2002, lenders still need to send an Electronic Notice of Discharge to HM Land Registry. Almost all of them charge an admin fee for that and the more recent the mortgage and the less reputable the lender, the more they charge. If it's Amber Home Loans, for instance, expect them to have their hand in your pocket for £250 or so.
Over The Hill
Guru
- Location
- Ridden off into the sunset
Following on from ASC, your lender has (as part of the conditions of the mortgage) put a "charge" on your property title. Think of this as a ball and chain. You then cannot mortgage or sell your house without their consent while this is in place.
Do not trust that they will do this. Get their confirmation that they have discharged the charge and get a copy of your title from the land reg.
If you have not moved for at least 20 years the title may not be registered an you may get sent a pile of old papers that does not include a title doc from the land reg then that may be the case. If so GET THE TITLE REGISTERED! If unreg then those docs are your title and are too valuable to be left in the house. You can do this with the forms available from land reg yourself or get a solicitor to do it.
I work in property law and see loads of cases where it was not done right and the problem is often passed on to your loved ones on your passing and they are left with a mess to sort out.
For £4 you can get a copy of your title showing it to be clear of mortgage which is worth doing (get from land reg) which shows it is all done. do this about a month after they have confirmde discharge to see that they have.
Do not trust that they will do this. Get their confirmation that they have discharged the charge and get a copy of your title from the land reg.
If you have not moved for at least 20 years the title may not be registered an you may get sent a pile of old papers that does not include a title doc from the land reg then that may be the case. If so GET THE TITLE REGISTERED! If unreg then those docs are your title and are too valuable to be left in the house. You can do this with the forms available from land reg yourself or get a solicitor to do it.
I work in property law and see loads of cases where it was not done right and the problem is often passed on to your loved ones on your passing and they are left with a mess to sort out.
For £4 you can get a copy of your title showing it to be clear of mortgage which is worth doing (get from land reg) which shows it is all done. do this about a month after they have confirmde discharge to see that they have.
goo_mason
Champion barbed-wire hurdler
- Location
- Leith, Edinburgh
Mine too. However, given that it's a Standard Life endowment, I suspect it'll be worth about 50p by then so I'll be back where I started...
(Anyone know if I'm too late to complain about an endowment missold to me in 1998?)
Archie_tect
De Skieven Architek... aka Penfold + Horace
- Location
- Northumberland
We tried a few years ago, I'll see if I can find the contact details, but it was through an independent agent so both the Building Society and the endowment lender refused to acknowledge anything was mis-sold.
Mine too. However, given that it's a Standard Life endowment, I suspect it'll be worth about 50p by then so I'll be back where I started...
(Anyone know if I'm too late to complain about an endowment missold to me in 1998?)
Arghhh, endowments!!! I too had an endowment mortgage sold to me in 1986 (Alba life) and then a top up when I moved house in 1990 (Standard Life). I was promised the usual at that time... "Oh yes Sir; this will pay off your mortgage in 25 years time and you'll have enough left to go on a nice holiday/get a new car, blah blah........"
When the bubble burst and it became clear I was going to be short (by about 28% as it turned out) I went to my lawyer to see what could be done. Not a lot was the answer, as I couldn't remember who had sold me the endowments at the time. When all was done and dusted last December, the paper work all came through and the seller of the endowment was revealed....... it was my lawyer
!GM it might not be too late as you were sold the endowment relatively recently. Have you not had any letters through regarding the shortfall, and advising you what to do?
2PedalsTez
Über Member
Out of curiosity, is there any calculator that works out how much sooner I would clear my mortgage with over-payments, or is it too complicated with changing interest rates etc?
Night Train
Maker of Things
- Location
- Greater Manchester
It is worth checking what benefits there are in when you make your overpayment.
I seem to remember that monthly overpayments didn't change anything until the end of the financial year when it would then be calculated in. It meant that for a year of over paying the interest didn't reduce until the following year so your money may as well stay with you until a big payment in March.
I think some lenders began to recalculate monthly to make it worth overpaying each month.
I overpay mine monthly as I sometimes need to take 'payment holidays' during 'poor' months when I have no money coming in.
Night Train
Maker of Things
- Location
- Greater Manchester
It's impossible to get it spot on because, as you say, who knows what rate you might pay over the rest of the mortgage?
There are shedloads of online calculators e.g.
http://www.mortgages...-calculator.htm
I find that Excel's NPER function gets me as close as I need to be. But the effect is dramatic. I don't understand why people fiddle about trying to find a savings account paying 1% (if you are lucky!) when you can easily earn from 4-6% by overpaying your mortgage.
Maz
Guru
As The Two Ronnies put it (you've probably never heard of them either) "It's a new type of weapon designed to leave buildings standing, but kills their occupants."
