Originally Posted by Ducatista
They often charge a "deeds release fee" for putting them in an envelope, but once you have them you don't then have to pay the bank £40 per year for storage. You never did actually most solicitors will keep them for free. It's just another cash cow to make money from apathetic people.
The biggest advantage of keeping a mortgage if you don't need one is that it keeps a "charge" held on your property centrally at the land registry and this is an effective way of stopping fraudulent transactions as it makes it more difficult for anyone else to put a charge on your property.