When you have finished paying off your mortgage, your relationship with your lender doesn't automatically come to an end.
Once you have made your final payment, you will be required to take formal steps to sever these ties and to remove the mortgage from your property formally.
The specialist property solicitors at The McKinstry Company can act on your behalf to discharge your mortgage quickly and easily, taking all the necessary legal steps, including recovering the title documents and preparing the discharge.
Mortgage Discharge Lawyers Ayrshire & South West Scotland
When you take out a mortgage to buy a property, your lender will register their charge over the title using a legal document called a Standard Security. What this means is that, although you will be registered as the owner of the property, the name of your lender will also be included on the title documents. This happens to provide reassurance to your lender that you won’t sell your house before you have paid back in full. In practical terms, you won’t have to discharge your mortgage unless you are planning to sell or transfer the property to someone else, but many homeowners choose to discharge once the mortgage has been paid off for peace of mind and to prevent problems arising in the future.
The Process for Discharging a Mortgage
The process for discharging your mortgage is relatively straightforward. You don’t need to sign anything to complete this – you will only need to provide us with up-to-date identification documents, your account number and proof of payment.
To discharge your mortgage, our solicitors will recover the title deeds from your lender which enables them to draft the discharge, the legal documents required to complete this process, before sending this to your lender for execution. Your lender will sign and seal the deed which acts as a formal receipt confirming that your mortgage has been paid off and there are no further sums left to pay. The deeds will then be returned to us.
The executed discharge will then be registered with the Registers of Scotland. This removes the Standard Security over your property, and the Land Register’s records will then show that there is no mortgage over your home.
Do I have to use the same solicitor I used to buy my house to discharge my mortgage?
You can use any firm of solicitors to discharge your mortgage. A registration fee of £50 for digital applications and £60 for paper applications must be paid. The amount of time taken to complete this process will depend on your lender, as they will be required to return a signed discharge deed, and the length of time it will take to complete registration. Typically, the process shouldn’t take more than a few weeks to complete.
Contact our Mortgage Discharge Lawyers in Ayr and Girvan
Our solicitors are available now to arrange an initial appointment. For clear, jargon-free advice on discharging your mortgage, call the specialist property lawyers at The McKinstry Company on 01292 281711 or complete our online enquiry form.
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