When you have completely paid off your mortgage, you can arrange to have your standard security discharged and removed from the Land Register. This process involves several steps and requires the assistance of a solicitor.
Key Facts
- Contact a solicitor: It is recommended to contact a solicitor to assist you with the discharge process. Your solicitor does not have to be the same one who handled the purchase of your property.
- Gather necessary documents: Your solicitor will require a copy of the letter from your mortgage provider confirming that the mortgage has been paid in full, along with your mortgage account details. They will also need to see the title deeds of your property.
- Prepare a discharge document: Your mortgage provider will need to sign a discharge document, which can be either a paper document prepared by your solicitor or a digital document submitted online. This document is then submitted to the Land Register to remove the charge from your property’s title.
- Timeframe and fees: The process of discharging a mortgage in Scotland can take a few weeks to complete. Your solicitor will charge a fee for their services, and there will also be a registration fee payable to the Land Register (£60/£80 depending on the type of discharge).
- Check your insurance: If your property is insured by your mortgage provider, ensure that the insurance remains in place and has not been canceled when you paid off the mortgage or when the security is discharged.
- Consider other legal matters: This may be a good time to review your will and consider putting in place a Power of Attorney to manage your affairs if necessary.
Contact a Solicitor
It is advisable to contact a solicitor to assist you with the discharge process. Your solicitor does not have to be the same one who handled the purchase of your property.
Gather Necessary Documents
Your solicitor will require the following documents:
- A copy of the letter from your mortgage provider confirming that the mortgage has been paid in full
- Your mortgage account details
- The title deeds of your property
Prepare a Discharge Document
Your mortgage provider will need to sign a discharge document, which can be either a paper document prepared by your solicitor or a digital document submitted online. This document is then submitted to the Land Register to remove the charge from your property’s title.
Timeframe and Fees
The process of discharging a mortgage in Scotland can take a few weeks to complete. Your solicitor will charge a fee for their services, and there will also be a registration fee payable to the Land Register (£60/£80 depending on the type of discharge).
Check Your Insurance
If your property is insured by your mortgage provider, ensure that the insurance remains in place and has not been canceled when you paid off the mortgage or when the security is discharged.
Consider Other Legal Matters
This may be a good time to review your will and consider putting in place a Power of Attorney to manage your affairs if necessary.
Sources
- Discharge a mortgage deed – Registers of Scotland
- Discharging Your Mortgage in Scotland | Thorntons Solicitors
- Discharging Your Mortgage | Property Matters | Thompsons Solicitors
FAQs
Do I need to discharge my mortgage?
Yes, it is recommended to discharge your mortgage once it has been paid off. This will remove the charge from your property’s title and make it easier to sell or transfer the property in the future.
How do I discharge my mortgage?
You can discharge your mortgage by contacting a solicitor to prepare a discharge document. The document will need to be signed by your mortgage provider and then submitted to the Land Register.
How long does it take to discharge a mortgage?
The process of discharging a mortgage can take a few weeks to complete.
How much does it cost to discharge a mortgage?
Your solicitor will charge a fee for their services, and there will also be a registration fee payable to the Land Register (£60/£80 depending on the type of discharge).
What happens if I don’t discharge my mortgage?
If you do not discharge your mortgage, the charge will remain on your property’s title. This could make it difficult to sell or transfer the property in the future.
Can I discharge my mortgage myself?
It is possible to discharge your mortgage yourself, but it is recommended to use a solicitor to ensure that the process is completed correctly.
What documents do I need to discharge my mortgage?
You will need to provide your solicitor with a copy of the letter from your mortgage provider confirming that the mortgage has been paid in full, your mortgage account details, and the title deeds of your property.
What should I do after I discharge my mortgage?
Once your mortgage has been discharged, you should check your insurance to make sure that it is still in place. You may also want to consider reviewing your will and putting in place a Power of Attorney.