what happens when my morgage is paid

[moon35]

what happens when my morgage is paid of in August

My lender says they want �220 to sort out the deeds

Can i do this my self and what does it entail 

[zmudge]

No, you cannot DIY, it is for your mortgage lender to do. Presumably your propery is Registered and, if so, deeds have been done away with and it is only the Entry on the Land Registry computer which counts now. Your lender has to submit one Form to LR to cancel the Charge, and another to alter the title on the Register. LR charges are 2 x �40. Importantly for you because it means that you have to fill in a Revenue Form with more than 70 questions your lender has to obtain a Stamp Duty Land Tax Certificate before the Land Registry can do their work. When you deduct the LR Fees and VAT your lenders charge of �220 is reasonable.  

[Didwot]

As thge titlke to your property is registered at HM Land Registry, then there are no deeds as such. The title to the property is held on the Land Registry computer. It is up to the lender to notify the Land Registry that the mortgage has been repaid, either electronically by "END" (electronic notice of discharge) , or by the paper form DS1. If you think about it it is obvious that you can not do this, because if that were possible we would all be telling the land regisry that our mortgages had been repaid even though they were not! There is no Stamp Duty Land Tax to pay on the discharge of a mortgage.