• House Exchange

    By Guest on 10th Feb 2019

    We are looking at a house swap with a friend of ours. Our house is valued at 330k my friends property is valued at 300k. We have agreed the we will receive a 30k payment as part of the exchange. We have an outstanding mortgage of 23k, my question is can this mortgage be cleared at point of exchange or does it have to be settled prior to?

  • 2 Answers

    By Guest on 10/02/2019

    The mortgage is usually cleared on completion.

    www.notaryexpress.co.uk

  • By Guest on 10/02/2019

    Thank you, that’s what I thought. For some reason our local solicitors have said it’s not that straightforward when you are not involving a mortgage or cash when obtaining a new home!!

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