Namsag, on the face of it, it sounds great to have the bank look after your deeds for nothing, but its not so good, in reality. When I paid off my mortgage, it took months to get the deeds back. Also, if you choose to sell the house, you have to pay a solictor to remove your bank's name from the Charge sheet for the house at the Land Registry. To do that, the solicitor will need proof that you have paid off the £1 and he will charge you a standard fee, doubtless amountimg to hundreds of pounds, just for a few letters to/from the bank (saying zero balance after you have paid the £1) and the letters to/from the Land Registry. This will all add to the burden of a simple sale.
My deeds are clear of any charges and locked away in another property somewhere else, for free.
PS, I've added this since I saw this message posted as a new discussion: sorry guys, I thought I was replying to the mortgage discussion. If a mod can move it, thanks.
My deeds are clear of any charges and locked away in another property somewhere else, for free.
PS, I've added this since I saw this message posted as a new discussion: sorry guys, I thought I was replying to the mortgage discussion. If a mod can move it, thanks.
