Discharging a Mortgage, Aberdeen, Stonehaven & Scotland
At James & George Collie, we work with clients from buying their first home to paying off their mortgage.
If you have reached the stage where you have paid off your mortgage, the important final step is applying to have this discharged from the land register.
Below we outline this process, but please do contact our team if this is a matter which affects you. We would be delighted to help you in discharging the mortgage and guiding you through the process to ensure all the paperwork is in order.
What is involved in discharging a mortgage?
When you arranged your mortgage, you will have signed a Standard Security. A Standard Security gives the lender a charge over your property as collateral for your debt. Once the document has been signed it would then have been registered in the Land Register of Scotland and would have shown as a charge against the property.
Once this debt is repaid, it is important that you clear this charge entry from the register. When you have paid off your mortgage, your lender will usually inform you of this. We can then prepare an application to discharge the mortgage, which we would send to the lender to sign.
When they have signed and returned this, the discharge is then sent to the Registers of Scotland, along with the relevant application form (including payment of the appropriate fee). The Registers will then update the entry relating to your property to show that the mortgage has been discharged.
Of course, there are other circumstances when you may wish to discharge your mortgage. If you are selling your house, then you will also need to discharge the mortgage on that property. Similarly, if you are remortgaging this may be required. We have experience across a variety of conveyancing transactions and would be glad to advise you on the best route forward for you.
Contact our residential conveyancing solicitors based in Aberdeen & Stonehaven Today
If you have received a letter from your lender advising that your mortgage is due to come to an end soon, please do not hesitate to contact us and we can guide you through the process.
Our solicitors are friendly and approachable –if you have any questions throughout your business with us, we are always available to discuss these matters with you, and we offer a direct line to our partners should you require it.