Mortgage paid off - what admin to be done?

[Wishimaywishimight]

We have just paid off our mortgage and I am checking what needs to be done next. I have advised our house insurer of this so that they can remove the bank as an 'interested party' on the house insurance and have cancelled the mortgage protection insurance. Is there anything else that needs to be done does anyone know?

We had this during the lockdowns. Nothing really.

When we paid off our mortgage, we went out and celebrated!!!

We did this last year and they sent us (eventually) the land registry thing to show there is no charge on the property any more
I didnt think about the house insurance, should I let them know, does it make a difference?

Yes we had a mega posh meal out!!

Probably drink some champagne?

sign up for this propertyalert.landregistry.gov.uk/?_ga=2.88442651.1006689316.1677259001-552409609.1677259000

Definitely sign up for a property alert. Listen to this BBC you and yours and it'll make sense.

This is definitely on the cards!!

I'm not sure what actual difference it makes but we had only renewed the house insurance quite recently and I noticed the bank were on the policy schedule as an 'interested party' so, just to keep things up to date I thought I should let them know.

I phoned today and they issued an amended Schedule straightaway.

Definitely - a 'fancy' dinner and a bottle of champagne very soon!

@CoCornishTiger I'm in Ireland, wonder if we have something similar, will check it out.

@memegletthesecond Thanks for the link, I had never heard of this.

The charge should be removed from the land registry but I'm not sure who does that. Might be a question for your mortgage lender? Congratulations!

Congratulations! We didn't do anything, but now I need to check our house insurance!

The mortgage lender does that - they've said it takes 8 - 12 weeks.

Thanks for the congrats - it's a big milestone alright. I thought I would be more excited tbh, don't think it has really sunk in, after all these years!

As I know from my own experience, mortgage free properties are more at risk from property fraud. In my case, this has involved someone trying to impersonate me to get loans on a property I used to own. I have had a recent isssue with someone trying to set up all their Government ID at a property I am developing (that is empty). I would recommend that you complete a land registry form asking that any conveyance matters require extra investigation of your identity. It usually means taking your passport to a solicitor to verify it really is you trying to sell the house. You can also file a passport photo so anyone dealing with the property officially would know what you look like. The forms are all on the Land Registry. You can also set up Land Registry notifications about your house, and they send an email if there is any movement, credit checks or so on. This is all free to do, and worth safeguarding the biggest purchase most people ever make.

Your mortgage company will send you the Deeds to keep.

Congratulations!! Do you have life insurance etc to cover paying paying the mortgage- may need cancelling or reassessing.

Many thanks @scoobydoo1971 and to the other posters who have warned me about fraud. I have never heard of this before so will check out what I need to do to prevent any such issues.

@Mindymomo yes, they have said these will be sent out in the next 8 - 12 weeks so we just need to decide where to keep them. They reconmend we lodge them with a solicitor and keep a copy at home.

@NNearlyadoctor I phoned the mortgage protection place today to cancel. We both have life cover with our pensions.

We did nothing other than a bottle of wine to celebrate.