Discharging your Mortgage Loan
Paris Steele can work with your mortgage provider to efficiently deal with this final legal task, letting you focus on enjoying the rewards of your hard work. Chat with our team today.
What does discharging a mortgage mean?
When you arranged your mortgage, you will normally have granted your lender a standard security over your property. The standard security is registered against the property and gives the lender certain rights while the mortgage remains in place, including rights which may be exercised if you fail to comply with the terms of your mortgage.
Once your mortgage has been repaid, the standard security can be discharged. For a property registered in the Land Register of Scotland, the discharge is registered with Registers of Scotland and the standard security is removed from the property's title sheet.
How is a mortgage discharged?
Your solicitor will obtain the information required from your lender and prepare or arrange the appropriate discharge of the standard security. The lender will confirm that the mortgage has been repaid and the discharge will then be submitted for registration with Registers of Scotland.
Once the discharge has been registered, the relevant register is updated to show that the standard security has been removed from the property.
The precise process can vary depending on how the property's title is registered and whether the discharge is dealt with through the available digital registration process.
Should the mortgage be discharged straight away?
Although you do not have to discharge your mortgage immediately, it is advisable. Knowing that this last detail has been taken care of will put your mind at rest. Moreover, when you are ready to sell the
property or transfer ownership to someone else, it is more straightforward if the lender’s standard security has already been removed.
If your mortgage is coming to an end or you have recently paid the final instalment, Paris Steele can take care of discharging your mortgage. Our competent team will manage the process efficiently, keeping you updated throughout, and our affordable fees mean you can entirely enjoy the financial benefits of being mortgage-free.
