Clearing off mortgage... next steps?

St1mpMeister

I'm planning to pay off my mortgage this month, so just want to double-check what the steps are and what I should do after (plus any things I need to be aware of).

My plan is:

• Get the final figure from the bank
• Pay off the remainder in a lump sum around 2 weeks before next mortgage direct debit usually hits (around 1st of May)... (it will probably take a few days for this to close)
• Cancel the mortgage direct debit from my current account (to be extra sure)
• Close off the life assurance policy (I have no one that would benefit from it... was only required for the mortgage so won't need it any longer)
• Cancel the life assurance direct debit (to be extra sure)
• Ask for the deeds to be posted to me from the bank

That's it as far as I know ... do I need to register anything with an authority? Do I need to get a lawyer involved?

I haven't spoken to the lawyer since I bought my house years ago, but should I get a copy of the deeds to the lawyer?

Anything else?

St1mpMeister

I read about contacting the Land Registry, but the article was from 2000, so not sure it's still relevant?

https://www.irishtimes.com/business/what-happens-after-the-last-mortgage-payment-1.1111228

Quin_Dub

I think you'll need to actually attend the Bank or their solicitors to physically sign paperwork to officially release the deeds and remove the lien that the bank have on them.

St1mpMeister

https://www.boards.ie/discussion/comment/118894313#Comment_118894313

I enquired and apparently they will just post them to me after the final payment.. maybe it's a new system as a result of Covid

RINO87

Book a holiday 😀

ax530

I think the 'deeds' are now the land registry no physical papers. You may need solicitor to send in the forms to update the land registry not sure if bank do that for you. Or perhaps the bank notify them to take off any notes that they have a hold to folio

congratulations

St1mpMeister

I'll email the solicitor to enquire cheers.. was just wondering if anyone here had done it recently

jippo nolan

https://www.boards.ie/discussion/comment/118894655#Comment_118894655

I paid mine 5 years ago, a phone call with debit card details,

received the deeds about a month later for a nominal charge.

plus a cheque for over payment amounting to the princely sum of €16.00.

St1mpMeister

Did you give the deeds to a solicitor to hold, or similar?

jippo nolan

https://www.boards.ie/discussion/comment/118894696#Comment_118894696

I have them I a fire proof safe at home!

St1mpMeister

https://www.safes.ie/product/chubb-executive-25k-fireproof-safe/

this one looks like it might do the trick.. "subjected to two fire tests"

Won't be much good unless I can bolt it down though, not sure I have a spot to do that.

sam t smith

Could you bury the safe in the back garden?

St1mpMeister

could send it into space perhaps

alan partridge aha

https://www.boards.ie/discussion/2058240718/clearing-off-mortgage-next-steps

Paid ours off a month ago. We were with AIB.

AIB rang today to say deeds were there and we collected them.

Most solicitors don't hold onto deeds anymore. So store in safe place.

Great feeling to clear the mortgage congrats.

jippo nolan

https://www.boards.ie/discussion/comment/118898295#Comment_118898295

Preferably your own back garden!

Ha Long Bay

https://www.boards.ie/discussion/comment/118898257#Comment_118898257

I used this company to store my deeds when I got them back from the bank. They are a solicitors based in Lucan. Costs €30 per year.

http://www.deeds.ie/