Tomorrow the Odometer Turns

The last bond instalment feels like an odometer turning over. A number that sat on the bank statement for years is suddenly gone, and the natural thing is to look back at the distance covered.

But the house does not know the bond is finished. The gutters still fill with leaves, the paint still fades and the rates still arrive every month. Some things even become easier to neglect. While the bond was running, the bank required the building to be insured, so the policy stayed in place whether anyone thought about it or not. Once the bond is gone, nobody insists any more, and it is surprisingly easy for a debit order to lapse or for the cover to fall far below what rebuilding would actually cost.

There is paperwork too. A paid-up bond stays registered against the title deed until it is formally cancelled at the deeds office, which is done through a conveyancer on the bank's instruction. An owner who means to sell one day is far better off having that done properly now than discovering it halfway through a transfer.

So the milestone is worth noticing for an evening. The next morning the gutters still need clearing.