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Topic Originator: twin par
Date: Thu 8 Jul 21:29
Can anyone, enlighten me on this question. I have just paid off my mortgage. It appears, that I have to pay a fee,to retrieve, my deeds,from a lawyers basement .About 250 quid,I am told on Average. How,the hell,Do they justify that ?
Post Edited (Thu 08 Jul 21:30)
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Topic Originator: The One Who Knocks
Date: Thu 8 Jul 21:50
Couldn`t you just leave the deeds with them? If you get possession of them you better keep them in a very safe place, a fireproof safe for example.
And although my eyes were open
They just might as well be closed
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Topic Originator: twin par
Date: Thu 8 Jul 21:59
I want my deeds in my house.Why should I have to pay a fee to release them.They are my property. Where,is the fee to pass them to me,how is that justified.
Post Edited (Thu 08 Jul 22:09)
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Topic Originator: charlie1
Date: Thu 8 Jul 22:19
You have to pay a release fee
Deed Release Fee (also referred to as a mortgage completion fee, redemption administration fee or discharge fee) is an administration fee charged by mortgage lenders once a mortgage has been repaid to cover the legal costs involved with returning the title deed to you.
Post Edited (Thu 08 Jul 22:22)
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Topic Originator: twin par
Date: Thu 8 Jul 22:22
How do they justify 250 quid ?Bloody robbery,.No wonder, there are no poor lawyers.
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Topic Originator: red-star-par
Date: Thu 8 Jul 22:34
They have kept them safe and sound for you for years, that's got to be worth something
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Topic Originator: The One Who Knocks
Date: Thu 8 Jul 22:48
To be fair they kept them safe and sound for the benefit of the mortgage lender.
And although my eyes were open
They just might as well be closed
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Topic Originator: david9640
Date: Thu 8 Jul 23:09
It`s certainly not as simple as the deeds sitting in their basement. It`s not a case of someone simply sticking a stamp on an envelope with your address.
Your solicitor almost certainly does not have your title deeds. Usually the deeds are kept by your mortgage provider whilst a `standard security` is lodged against your property.
Your solicitor will need to draft a `discharge document` to your lender to request official confirmation that the mortgage has been fully paid off and agreeing to the standard security being discharged from the property.
Once that is done, they would need to lodge this with the land registry (which itself costs like £60). This will officially remove any Property Law right the lender may have to your property.
You`re essentially paying for them to source your title deeds, draft a discharge document, make sure the bank agrees to the discharge, register it with the land register (and pay their fees), and remove any right the bank may have to your property.
The real danger is that you don`t lodge a discharge now, then 10 years down the line you want to sell your house, but there`s still a standard security registered there. The bank may be reluctant to agree to remove it quickly, as they would want to research why they still have a right to a property they haven`t dealt with for a decade. It could potentially delay or scupper any future sale.
If you`re confident that it isn`t worth the money, you can actually attempt to do it yourself. But you would still need to pay the £60 to the land registry, any fees written into your mortgage contract for signing a discharge document, need to successfully draft a legally competent discharge document and work out how to get your bank to sign one.... and hope you don`t muck up and end up paying the £30 fee if the 16 page land registry form isn`t filled out 100% correctly.
£250 (or £190 without including the land registry fee) is actually a low fee for this work in the industry, as far as I`m aware.
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Topic Originator: jake89
Date: Thu 8 Jul 23:12
It's the lender charging the fee. Your solicitor is just passing the bill along. The fee should have been outlined in your mortgage offer. If it's an older property you may get a fairly interesting document as it'll have all the previous owners on it.
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Topic Originator: sintv
Date: Fri 9 Jul 08:47
Are you sure part of the fee isn't on the mortgage. I left £100 to let the lender store the deeds though £150 was added to retrieve them.
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Topic Originator: twin par
Date: Fri 9 Jul 21:15
Thank you for enlightening me folks, did not realise, so much was envolved ,many thanks for that information. Every day is a school day ! Thanks David 9640,excellent post.
Post Edited (Fri 09 Jul 21:17)
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