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Next month I plan to pay off one of my BTL's (Birmingham Midshires).
Is the process straight forward i.e. phone up and get the current balance and then send them a cheque for the amount owed?
Anything else to be aware of like title deeds etc?
Thanks in advance for any info.
Hi Fab,The process is simple.You or your solicitor contact the lender and ask for a completion statement.You agree a completion/redemption date.You or your solicitor then get an up-dated statement on the day of completion.You or your solicitor transfer the funds to the lender's bank account with the appropriate reference and ask for confirmation of mortgage redemption.If the lender is holding your deeds, they may ask for a fee to release them.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I will do the process myself then, as using solicitor will result in an added/wasted cost.
The Lender will require proof of where the funds used to redeem the mortgage have come from for money laundering purposes.
If you're doing it yourself you will have to ensure that after the end of the transaction the Land Registry details have been amended accordingly and correctly. (Some solicitors can be sloppy in this area and you need to check that the Lender's solicitor has done this correctly).
Why would you want to pay off a mortgage when interest rates are so good at the moment? I would buy another poroperty
I am based in China and the U.K. I have contacts with people in China who want to invest in U.K. property. PM me if you want to work together.
Mrs Investorsk8 says
Agree with Vanessa, process is simple.
Just to add, make sure Birmingham Midshires send you a letter confirming your payment and that they have also notified HM Land Registry to remove the charge on the property.
You may not receive any deeds from BM as it's all electronic now.
Solicitors will charge around 200 squids plus vat for this. :/
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I will make sure BM send me a letter and that the deed is updated.