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Discharge of charge

This word has many meanings but when used in relation to property law, discharge is the formal recognition that a mortgage has been paid off and the mortgage provider's Charge over the property is released.

This means the property is now yours, without the bank or mortgage provider having any claim over it.

Some mortgage agreements require an exit fee to be paid to the provider before the mortgage can be discharged, especially if it is paid off early. The amount of any discharge fee will be set out in you mortgage documentation although if you are in doubt ask your mortgage provider or your In-Deed solicitor.