Paying off Mortgage...Do I need a solicitor

Walter Sobchak III

Mrs S and I are in the fortunate position that we can clear whats remaining on our mortgage. Is it as easy as walking into the building society, handing over the cheque to the manager and walking out the door with deeds in hand? Or do we need to employ a solicitor to deal with any other minor details?

goz83

This depends on the type of mortgage you have. I would suggest seeking legal advice. A variable rate mortgage is payable without penalty, but a fixed rate is not. So, make sure you know what you're doing, otherwise you could end up paying some hefty extras.

jeni

my mam went in to pay hers off and was advised not to because it would end up costing her thousands in penalty fees etc

Walter Sobchak III

goz83 wrote: »

This depends on the type of mortgage you have. I would suggest seeking legal advice. A variable rate mortgage is payable without penalty, but a fixed rate is not. So, make sure you know what you're doing, otherwise you could end up paying some hefty extras.

Its a variable rate mortgage with nine years approx left on it. It is my understanding that there are no penalties liable if you pay off a variable rate mortgage early.

MarkAnthony

Less a job for a solicitor and more one for a decent financial adviser.

ravima

If it's a variable one then, you can pay off at any time. I'd write to them to ask how much is due. They will give you the amount with a date by which it should be paid. pay it over the counter and at the same time, ask in writing for the deeds. These will then be sent to your bank and you can collect. No need to pay anyone!

Next thing then is to put the deeds somewhere safe, such as solicitors office or a home safe. Solicitors office would be the preferred option as you can't then lose them!

Marcusm

MarkAnthony wrote: »

Less a job for a solicitor and more one for a decent financial adviser.

Do you know any financial advisers who are competent and insured to obtain a mortgage release deed and file all the relevant paperwork?

coylemj

OP, do you actually need the deeds in your hand? If not then pay off the mortgage and say nothing about the deeds, the bank may end up hanging on to them by default which means you don't have to pay a solicitor to mind them for you. If you do need the deeds, pay off the mortgage and a few weeks later write to them asking them to release the deeds.

If it's a variable mortgage there shouldn't be any problem paying off the outstanding balance, getting 'legal advice' would be seriously OTT.

MarkAnthony

Marcusm wrote: »

Do you know any financial advisers who are competent and insured to obtain a mortgage release deed and file all the relevant paperwork?

A few, although they work for large accounting firms and are also solicitors.

If the OP needs legal advice I'm sure a FA will point them in the right direction.

Walter Sobchak III

coylemj wrote: »

OP, do you actually need the deeds in your hand? If not then pay off the mortgage and say nothing about the deeds, the bank may end up hanging on to them by default which means you don't have to pay a solicitor to mind them for you. If you do need the deeds, pay off the mortgage and a few weeks later write to them asking them to release the deeds.

If it's a variable mortgage there shouldn't be any problem paying off the outstanding balance, getting 'legal advice' would be seriously OTT.

No, getting the deeds is not an absolute priority. Just getting rid of the mortgage is the aim. Just covering all the bases.

rameire

just ask for a redemption statement,
then send the funds over to pay off the debt.
all done
nothing more in it.

BornToKill

A good idea is to repay all of the mortgage except, say, €300. You pay that off at something like a fiver a month. If you don't need the deeds then this way saves you having to be responsible for them or paying someone to store them.

Marcusm

MarkAnthony wrote: »

A few, although they work for large accounting firms and are also solicitors.

If the OP needs legal advice I'm sure a FA will point them in the right direction.

They won't be insured or have a practising cert and so the bank will not appoint them to act on its behalf - which is necessary to avoid duplication costs. If, as the OP States, it's a variable rate mortgage, not much financial advice is needed.

earlytobed

I would pay off the mortgage and get the deeds, check them carefully to make sure everything is in order and then decide where to store them. Its not such a big deal to replace them if everything is in order even if you lose them. You can purchase a folio fro PRA for €40 including map.