Mortgage paid off - what happens next?

W

wowser1

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I recently (a couple of weeks ago) paid the last installment on my mortgage. I was kind of expecting the deeds to be delivered on a velvet cushion trumpeted by heralds :) but in fact I've heard nothing since. What should happen ?
 
I suspect your bank would need a reminder to return the deeds to a source you nominate. There was a previous discussion on the ezboard version, which I will try to find later on, on where they should be stored. But contact your bank and solicitor and see if they will store them, some do without charging you. If you decide to invest in a safe make sure its fireproof and bolted to a rafter in the attic (or somewhere difficult to get at) in a very dark spot!

Here was that previous discussion
 
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As far as I know, on redemption your solicitor discharges the mortgage officially with the land registry on your instruction. There is a fee involved (isn't there always!); small one to the land registry and one to your solicitor. Then you need to find somwhere to keep the deeds safely.

Rebecca
 
do nothing
leave them with the bank as long as you can. they are minding them for free and assuming you are not selling/remortgaging the property looking after them is a hassle you do not need.
 
> do nothing
I like that advice best :)

I thought I'd at least get some sort of letter from the bank though. I guess I'll have to go and cancel the mortgage protection life policy myself...
 
MissRibena said:
As far as I know, on redemption your solicitor discharges the mortgage officially with the land registry on your instruction. There is a fee involved (isn't there always!); small one to the land registry and one to your solicitor. Then you need to find somwhere to keep the deeds safely.
Click to expand...
When I cleared the mortgage EBS contacted me with details of what was to happen next. I did this I decided to forego the offer by the EBS to deal with removing the mortgage from the deeds for a small fee (c. IRP30 plus the Land Registry/Registry of Deeds charge of c. IRP25) and did this myself by bringing the deeds to Setanta House, Nassau Street to get them updated although I still had to pay the Land Registry/Registry of Deeds charge anyway. I did not need a solicitor to do anything. Once I had done this the deeds were mine to keep and I lodged them for safe keeping at my bank (PTSB - no charge) because EBS no longer had space to keep them. See the link above for possible options for storage of the mortgage deeds. The mortgage protection life assurance policy still had several years to run (the mortgage term was originally 20 years but was cleared in about 7) so after I decided not to retain it or use the conversion option (convertible term policy) I either let it lapse or contacted the underwriter to cancel it.
 
Thanks ClubMan, if and when AIB get in touch at least I'll know what to do.

As for the life policy, when i was young and foolish (and before AAM) I took out one of those Surplus Builder products. I stopped it a couple of years ago but the 10 euro or so per month for the life policy is still being paid out of it.

As it stands it's worth about a grand less than I've paid into it (doh!) and I'd at least like to let it break even before I move my money to somewhere better...
 
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