Cancellation of Mortgage

Purchasing a property involves investing a significant amount of money, sometimes it can be

your lifetime savings. Value of properties, particularly real properties, increase each year. As
time goes by, they get more and more “expensive” that it has become really rare to see buyers
paying the full price upfront. Most buyers nowadays avail of a mortgage in order to secure the
property before others get hold of it.

A mortgage is a type of long-term loan that provides funding on the purchase of real estate
properties. Mortgage payments are usually made on a monthly basis. The borrower or mortgager
must pay the amount due religiously until he or she completes the total amount of the loan.
Completion of mortgage payment is a pleasure to the ear and to the heart. But it does not mean
that you can now relax and is released from stress. The obligation does not stop there. There are
still a lot to accomplish once the mortgage is fully paid – actually they are the more important
things. This is when the cancellation of mortgage process comes in.

What a waste it would be if all your sacrifices will be put in vain. Do not allow yourself more
stress because you failed to completely cancel the mortgage. Here are the things that you need to
do:

1. Ask the bank to prepare a standard full payment confirmation letter or

“Certificate of Mortgage Economic Cancellation.”
2. Make sure that you get to sign a Deed of Mortgage Cancellation before a
Notary Public. This is to secure yourself and the property as this serves as a proof
that the property is fully and forever released from the mortgage. But first, the bank
has to sign a public recognition that the borrower/mortgagor has secured and has
fully paid the debt to the tender/mortgagee.
3. After cancelling the mortgage with the bank, you must inform the Land Registry in
order to release your property from the mortgage record. The Land Register
keeps a record of public documents such as public deeds. Once the Deed of
Cancellation of Mortgage is signed, you have to register the deed and get the Land
Register to acknowledge that the mortgage has been paid off. Once the Cancellation
of Deed is submitted, the Register will unregister the mortgage and this will erase
the mortgage information associated with your property.
4. Next, you must request a Note from the Land Registry to check and make sure that
there is no mention of mortgage-related to your property.
The process may be tedious, but this is the last and most important. So be patient and
hang in there. A glorious end is within your view.