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Paying off mortgage?

(4 Posts)
Piffpaffpoff Tue 13-Nov-12 18:47:44

We are in the hugely fortunate situation of being in a position to pay off our mortgage. But I have it in my head that it is beneficial to actually leave a token sum outstanding (like £50) so that the mortgage co will hold onto the deeds for us. Have I made this up? If we pay off the whole amount then what happens to the deeds?

Any info/experience anyone can give us would be v much appreciated.

Disappointedbuyer Tue 13-Nov-12 18:55:23

That used to be the case but the land registry is all electronic now so there are no deeds as such to hold.

Piffpaffpoff Tue 13-Nov-12 19:40:39

Thanks for the reply. I did think perhaps it would have all been digitised by now.

ClareMarriott Tue 13-Nov-12 20:01:18

When I cleared my mortgage , the mortgage company held onto the deeds for a year at no cost but after that time charged about £25 per year. When I came to sell the house they related to, I passed them to my solicitor.

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