• Mortgage Redemption

    By WendyLRobins on 07th Apr 2016

    If I do my own sales conveyancing, do I have to redeem my mortgage before exchange of contracts?

  • 1 Answers

    By Guest on 12/04/2016

    This would make things simpler but if you don't you have two options:

    1. Ask the buyer's solicitor to redeem this for you. This is not a conflict of interest because in this respect you and the buyer have a common interest. You want the mortgage paid off and he wants the charge removed. Not all solicitors will be prepared to do this. If he does he may charge you a fee.

    2. Instruct a third party solicitor to deal with the redemption of the mortgage on your behalf - you will need to authorise the buyer's conveyancer to send the appropriate amount to that solicitor who can give the buyer's solicitor the appropriate undertaking

  • Post Your Answer


  • Do you want to be informed of further comments / replies? Yes No

Ask a Question

Search