Final Payment!

[worms]

My final mortgage payment came out of the bank today! So, 25 years on, I can now start saving up to do all the "essential" works that were mortgage conditions!

Oh no, wait a minute... son at university, daughter's wedding coming up, both cars about to celebrate their 12th birthdays...

I guess "upgrading" to uPVC windows, spraying the attic for woodworm and getting the injected DPC will just have to wait! :wink:

 

[mims&pip]

Congratulations worms

Being mortgage-free is a wonderful feeling - we paid ours off early, in 2007 at the age of 40 when we offloaded our *big old barn of a place* as my father always called it, down on the South Coast.......know what you mean about other expenditure getting in the way of things, though!

Enjoy your *freedom* :lol:

Mims x

 

[jackpoint]

Congrats, it's a great feeling for sure. Then we bought the current moneypit and needed another :lol:

 

[Penners]

I guess "upgrading" to uPVC windows....will just have to wait!

Well the great news is that Windows 10 will be launched later this year, and it will be free of charge to certain previous Windows users (not sure whether the uPVC version qualifies). So maybe you can afford that injected DPC after all!

Congratulations on paying off the mortgage. I can still remember the joy of the day that we freed ourselves from the building society shackles! Now, in retirement, Mrs P and I make sure that we don't owe anyone a single penny, other than the monthly credit card bill that we always pay off in full. It's wonderful!

 

[jocelyn plummer]

Agree--we are now into our second month of no mortgage payment--such a relief! Now, which paint product can I afford-------? :lol:

 

[LadyArowana]

Congratulations all of you. As a matter of interest ( no pun intended ) what are people doing with their deeds once the lender no longer has them as security over the property ( assuming that when the original mortgage was taken out it was before the electronic land registry )?

 

[tobydog]

There are several Smiley faces and best wishes in this thread but unfortunately, for some of us, it is depressing . I doubt I am alone in saying that I still have around 14 years left on my mortgage which goes a few years beyond my planned retirement date . It runs out around the time we are due for a full re-thatch .

That's better. That's cancelled out the Smiley's .

 

[mims&pip]

Congratulations all of you. As a matter of interest ( no pun intended ) what are people doing with their deeds once the lender no longer has them as security over the property ( assuming that when the original mortgage was taken out it was before the electronic land registry )?

This is the third house we've purchased sans mortgage, Lady A after becoming mortgage-free by selling the one before those and in each previous case we have kept the deeds in our strongbox. In our current house we have a large floor-standing safe - left by the PO :roll: - but it's hardly worth housing our deeds there, for when they arrived from our solicitor last month they comprised the electronic print out and a couple of documents relating to easements for drainage etc We were rather disappointed, having had some pretty impressive old documents complete with wax seals etc for our last (Georgian) house. Even though this place only dates from 1853 it would have been interesting to have some of its history in black and white, so to speak......

 

[Feltwell]

I doubt I am alone in saying that I still have around 14 years left on my mortgage which goes a few years beyond my planned retirement date.

I'll see your 14 and raise it to 17

Beyond my desired retirement date, but before my expected one, alas.

Still at least we're in the position now where I know we have enough equity that if the worst came to the worst we could sell up and buy outright a modest house that was *just* big enough for us all. That's in this area - in London we'd be lucky to get a 1 bed flat.

 

[LadyArowana]

That's in this area - in London we'd be lucky to get a 1 bed flat.

There are actual whole castles for sale north of the border for less than a small apartment in London, http://search.savills.com/property-detail/gbbrrsbhs140081

 

[Penners]

As a matter of interest ( no pun intended ) what are people doing with their deeds once the lender no longer has them as security over the property?

I don't think that mortgage lenders require the surrender of paper title deeds nowadays, do they? They simply register the mortgage with the Land Registry, I believe.

Our (defunct) paper deeds contain a number of beautiful old Indentures and other such documents, all handwritten in beautiful script on parchment-like paper. We keep them in a box file and tell each other on regular occasions that we should display them in frames - but never get around to it. Retired life is just too busy!

 

[Flyfisher]

I believe Penners is correct about deeds no longer being important legal documents once a property is registered at Land Registry as it is then LR that provides the title guarantee, to the extent that even if a new title is registered and someone later pops up with a historical document claiming some rights, they have no legal redress against the current owner, though they may have a case against LR if LR itself could be shown to have made a mistake. The reason I say this is long and convoluted but it cost my FiL over £25,000 in legal actions to find out!

However, though registered property deeds may no longer have much legal value they are of course of great historical interest. We have three archive boxes full of deeds and other documentation related to our property (which is split across four titles), though the oldest only dates back to the early 1800s, so presumably the earlier documents must have been lost at some time.

 

[jocelyn plummer]

It is correct to say that Deeds are no longer an important legal document once the property is registered. Many Building Societies/Banks lost or destroyed original deeds during transactions so loosing some valuable history. Where lovely old Deeds still exist they are, so I am told, yours to keep, so you do not necessarily have to pass them onto your purchaser. My first Grade 2 listed house deeds ( Brandreth House Ampthill ) were fortunately requested by my buyer and she was able to piece together a full history enabling her to continue to restore the house back to its original layout. The second grade 2 listed ( Wisteria House Ampthill ) the new owners did not want the deeds so I kept them, and have now given them to the local History Society who will pass them to the County Archives. Deeds for the Walsingham house are hopefully still with the owners, Deeds for our last house in Ampthill were retained by a previous buyer and they had lost them so I never did find out much about that house with which I had the love hate relationship!! Our current ( and final!!) cottage deeds of 20 years are interesting as they tell us about the ownership of the land before the cottages were built.

 

[philpjuk100]

We had an endowment mortgage and when the endowment was enough to pay off the Halifax I was sent a cheque made out to me! I had to walk past "greypaul" the Ferrari dealers on my way to the building society and stopped at the showroom window realising my cheque could buy some of the cheaper models! (paid off the mortgage and bought a secondhand Lotus!).

 

[worms]

We had an endowment mortgage and when the endowment was enough to pay off the Halifax I was sent a cheque made out to me! I had to walk past "greypaul" the Ferrari dealers on my way to the building society and stopped at the showroom window realising my cheque could buy some of the cheaper models! (paid off the mortgage and bought a secondhand Lotus!).

Sadly I am at the wrong end of the country for there to be a handy Ferrari dealership...but also the wrong end of the country for my house to be worth anything close to the cost of the cheapest Ferrari! And the way endowments have gone over the life of my mortgage, my cheque only comes to a quarter of the cheapest Ferrari, before paying off the building society!

I will be passing the Land Rover dealer on my way to the bank and the cheque would cover a new 110 CSW, though!

I'm sure that Penners will react to your suggestion of spending the cash on a cheap model!

 

[philpjuk100]

Ah! Maybe I should have said a cheap USED model!.Endowments at that time did rather well and if left to run the full term would have been twice what was needed so ended it early, but there was enough left over to buy a nice little Lotus Europa!

 

[Feltwell]

Good job that was a while ago - with an endowment now you'd be lucky to buy a Lotus blossom!

 

[Penners]

I'm sure that Penners will react to your suggestion of spending the cash on a cheap model!

I've often dreamed of purchasing a cheaper model, but I think Signore Berlusconi and Monsieur Strauss-Kahn pushed market values up way beyond my means.

 

[LadyArowana]

I'm sure that Penners will react to your suggestion of spending the cash on a cheap model!

I've often dreamed of purchasing a cheaper model, but I think Signore Berlusconi and Monsieur Strauss-Kahn pushed market values up way beyond my means.

But they were shopping in Europe, if you are willing to go into the Asian market then things are a lot more affordable. Plenty of quite attractive deals in Bangkok, but of course not exactly "low mileage" and you do have to check what's under the bodywork quite carefully to make sure there are no undisclosed additional features :wink:

 

[Penners]

:lol: :lol: :lol: