Accord Mortgages now discharges most of its registered charges in England and Wales by Electronic Discharge (ED).
Link to the Land Registry
An ED is automatically sent from us to the Land Registry via a secure electronic link when an account has been closed. The Land Registry computer system will then carry out a number of checks and in the majority of cases the charge will be removed from the Charges Register automatically and immediately. There is no need for an ED to be followed up with an application for discharge as was the case with ENDs.
We will tell you on the redemption statement whether we intend to discharge the charge by ED. We will then submit the ED to the Land Registry on receipt of the correct redemption funds (we will need to wait for clearance of a cheque if this method of payment is chosen rather than payment by CHAPS).
There may be some occasions when an immediate discharge is not possible for example when there is an application pending against the title concerned. In these circumstances, the charge cannot be cancelled until the prior application has been completed.
If for any reason we are unable to submit an ED we will manually submit an e-DS1. The e-DS1 acts as both the evidence of discharge and the application to remove the charge from the register.
Although the charge entry will not be cancelled immediately, in many cases the application will be processed automatically by the system so the register will be updated very quickly.
There may be occasions where this is not possible for the same reasons as EDs. In these instances the e-DS1 can be submitted but the charge entries will not be cancelled until the prior application has been completed.
Revised form of undertaking
If you are acting for a buyer you will need to agree a revised form of undertaking with the seller's legal adviser. A suggested form of undertaking can be found on the Land Registry and Law Society websites:
If you are confirming online with the Land Registry that an ED has been sent you will need to check the Charges Register because an ED will not show as a pending application due to its immediacy.
Your property may be repossessed if you do not keep up repayments on your mortgage.
If you have a Buy to Let property, then alternatively a receiver may be appointed (except in Scotland) to receive the rent and/or to sell the property. After sale, you will remain responsible for the payment of any mortgage shortfall debt.