My mum and stepfather have recently remortgaged. They have a relatively small amount outstanding but have been told by their lender that it is better not to pay off the amount fully and just leave a small amount outstanding. My In- Laws have done the same and their title deeds remain with the lender. Neither my parents or in- laws could tell me why they were advised in this way. Could anyone help? Thanks
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It's hard to say given you don't mention how much money is at stake here. If you can afford to pay off your mortgage and have some money left for a rainy day then I'd say that's a good idea. However if paying off your mortgage means using up all your savings then clearing the mortgage wouldn't be such a wise move.
Hope that helps.
Halifax have a similar scheme where you leave £125 owed on your mortgage and as long as it does not go over this figure you pay no interest. I contacted them in January as I thought their home insurance was too high and was going with another insurer. They advised me I could do this and didn't have to pay off the £125. They also advised me that you no longer needed hard copies of your house deeds in England as the Land Registry now keeps them on a computer file. They also advised that by keeping my mortgage account open it would be easier for me to borrow money from them in the future if needed for a car or extension. As I am not being charged anything I am keeping the mortgage account open.
does anyone know, my father in law died recently and my wife is currently clearning out his house. she can't find any sign of the mortgage deeds that prove he owned the house outright, and its not wit h the lender... what does this mean for his will (don't think anyone will contest) and is it possible to get copies of the deeds?
Thanks
I am currently considering paying off my mortgage with HBOS and have just been advised that in the last month or so Banks in Scotland are no longer able to retain Title Deeds and these will simply be sent to me if I pay the mortgage of in full. I understand that Banks in England haven't been able to hold deeds for some time.
What should I do with the Deeds now or when the mortgage would normally be paid off?
Would it be better to leave a small amount on my mortgage now?
Has anyone encountered a similar issue
I encountered the same problem when my mother became ill. I could not find any Deeds to her house.
I contacted the Solicitor who dealt with the purchase of my mothers house and even though they were unable to find any Deeds in their office, they contacted the Land Registry office and arranged for copies to be made.
It may be worth contacting the Solicitors who dealt with the purchase of your father in laws house or alternatively contact the land registry yourself.
I know that copies can be produced, I think that there may be some costs involved,
Hope this puts your mind at ease and good luck
If the Land Registry keep and can provide copies, just how important are the deeds?
Can anyone advise..,
Is it necessary to keep deeds in a vault or will a drawer at home do?
Should the deeds be stolen, how much of a problem could be caused?
Thanks in anticipation.
JC
The Land Registry now hold most title deeds electronically, so the paper deeds are just a document for reference. The land registry can be contacted and for a small fee can tell who is the legal owner of the property or land.
Only if the land registry is up to date, I purchased a property in Dec 2009 without a mortgage. as of JUNE 2010 the land registry reports that the Bank of Ireland has an interest (mortgage) in my property. Did the seller take my money and do a runner, no the sellers solicitor/Bank of Ireland did not inform the land registry that the mortgage had been paid off and the bank of Ireland no longer had an interest in the property, therefore the land registry is only as good as the information received. It should be made an offence if lenders/lawyers do not inform the land registery of these important changes in property ownership.
I only found out when I tried to secure funds using the property as collateral, the lender refused the advance on the assumption I did not own the property.
TAM H
chief exec. Land Register and his staff at the top are all lawyers they are conning the public out of there property.
when you take out a mortgage do you pay back the money on front of the deeds, say it was £35.000 on the deeds you sign it,wife,lender,solicitor.
can some one let me know thankyou
Q1: My wife and I jointly own a house, which is valued at £175000, and we are going to pay off our mortgage soon. After that, we would like to change the names on title deeds from the joint names of my wife and I to the sole name of my wife. Does this process incur any tax? Eg. Do we need to pay CGT or any other tax?
Q2: When the title deeds is with my wife’s sole name. Does the income generated from renting out the property is belonged solely to my wife? So she is the only person responsible for paying income tax of the rent income?
in case ou leave the mortgage opened with £1...does the bank still have the right to reposses your house? does still own the house? Thanks