Discharging your Mortgage Loan
If you are in the fortunate position to have paid off your mortgage, there is just one more thing to do before you toast your newfound financial freedom: discharge your mortgage. Whilst the process is straightforward, you are required to instruct a conveyancing solicitor to complete the discharge.
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, your lender will have asked you to sign a standard security document. A standard security registers a charge against your property to prevent you from selling or remortgaging it without fully paying back the loan made to you. It also gives the lender the right to repossess your home if you do not comply with the mortgage conditions. The lender’s claim is registered on the title deeds, which they usually store for security.
Now that you have repaid the loan, you can have the standard security discharged. Doing so will remove the mortgage from your property’s Land Certificate, evidencing that you have free and clear title to your home.
How is a mortgage discharged?
Your solicitor will recover the title deeds from your lender and draw up a discharge. The discharge document will be sent to your lender so that it can be signed or sealed, confirming that the mortgage has been wholly paid. The executed discharge will then be returned to your solicitor.
Next, your solicitor will register the discharge with Registers of Scotland. The standard security will be removed from your property, and the Land Register’s records will be updated accordingly.
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.