Land Registry & Nat West

[Grumpynotsoold]

Hi - we took a loan out approx 10 years ago for £120K, we requested to repay the loan ahead of the full term and paid the full amount requested at the time by the bank.
3 years down the road we have no debt with the bank and the property concerned is mortgage free I found from the Land Registry that Nat West are still "mentioned" on the title deeds as having an interest. I have asked them to confirm to the land registry that this is in fact no longer the case. They will do this only if I pay £245 fee.

Over the phone I have objected to the fee but explained I have to have the deeds so they will need to take the funds from one of my accounts but I feel that I've been bent over the barrell. Any ideas suggestions?

I have the original loan documentation and I can find no reference to this at all.

[Amethyst]

Re: Land Registry & Nat West

Has the first charge over the property been removed already, and did the mortgage company charge for cancelling that charge ? Its usually something in the region of £60 - £120 so yes £245 sounds excessive for completing a form and paying a £1 fee to the LR (which is basically what it is)

[Grumpynotsoold]

Re: Land Registry & Nat West

The property was only ever used to secure the loan from Nat West and I assumed when the loan was repaid they would automatically release their charge. On the phone I was advised they would have kept the charge in case at some point I wished to secure further borrowing. I can't see any advice of the charge and as it seems integral to the loan process I would have thought they should have pre advised me. But thanks for taking the time to respond and I have written to the bank and will see if they have to say - I just wondered if it was the "norm" as I've never been in this position before. My main residence is still mortgaged.

[Amethyst]

Re: Land Registry & Nat West

Just wondering, and whether you asked them, once the original term of the loan is concluded they remove the charge from the property themselves automatically (ie no fee then).