Morgages redemption of

Question

What are the legal formalities to be carried out on redemption of a morgage

Answer 1

When you have repaid the mortgage in full, obtain a Form DS1 from the Land Registry (I think you can download it free of charge from the Land Registry website http://www1.landregistry.gov.uk).  Just fill in the relevant details such as address of the property, name of lender etc and send it off to your bank and request that they 'seal' it.  They should then return this to you with any title deeds that they hold.  

The DS1 is basically a Discharge of Mortgage Form where the lender has confirmed that the mortgage has been repaid in full.  If you have this with your deeds, there will be no need to spend money getting the Land Registry to amend the Charge Certificate as, in any future sale of the property, the buyer's solicitors will accept this form as proof of discharge.

Answer 2

After you had paid in full the amount owing to the mortgage lender. You should request the lender to send the title deed to your lawyer with instruction to transfer the ownership of the title deed into your name.

Answer 3

Ignore EddyT.

Carol is right. Lenders indreasingly use "ENDs" which is an electronic notification of discharge which they send directly to HM Land Registry in lieu of a DS1. The Land Registry will then remove the entry relating to the mortgage and send you a revised set of office copies to your title.

The above assumes that you property is registered. If you bought and took out your mortgage before compulsory registration came into force in your area then your property is likely to be unregistered and your title deeds will be on deposit with your lender. In which case have your DS1 sealed and deposit it and your other deeds with your solicitor for safekeeping.