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Kevin

Checking If Seller Has Outstanding Mortgage

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Hi,

I am a first time buyer and currently in the process of complete my house purchase.

I have a question regarding a search that checks if the seller has outstanding mortage on the property. Is it something we normally do? If yes, when shall we do it? Some people says it can only be done after completion, is it true?

Could it be possible that the seller take the money without paying off his outstanding mortgage and the bank want to reprocess my property?

Many thanks

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Hi,

I am a first time buyer and currently in the process of complete my house purchase.

I have a question regarding a search that checks if the seller has outstanding mortage on the property. Is it something we normally do? If yes, when shall we do it? Some people says it can only be done after completion, is it true?

Could it be possible that the seller take the money without paying off his outstanding mortgage and the bank want to reprocess my property?

Many thanks

Speak to your solicitor. They will explain how this all goes. You do have a solicitor don't you?

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Hi,

I am a first time buyer and currently in the process of complete my house purchase.

I have a question regarding a search that checks if the seller has outstanding mortage on the property. Is it something we normally do? If yes, when shall we do it? Some people says it can only be done after completion, is it true?

Could it be possible that the seller take the money without paying off his outstanding mortgage and the bank want to reprocess my property?

Many thanks

Your solicitor should be able to answer these questions, I would ask them tbh.

But you are aware that all the money in a purchase goes via your and their solicitor & bank? It's not just a massive bank transfer between your account and theirs! Their bank will make sure their mortgage is paid off first before giving anything left over to the seller!

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Hi,

I am a first time buyer and currently in the process of complete my house purchase.

I have a question regarding a search that checks if the seller has outstanding mortage on the property. Is it something we normally do? If yes, when shall we do it? Some people says it can only be done after completion, is it true?

Could it be possible that the seller take the money without paying off his outstanding mortgage and the bank want to reprocess my property?

Many thanks

If there is a mortgage it will be a 'charge' against the property. You will not be able to complete until this charge is removed which happens at the point of completion (ie, the mortgage back is paid and the residual is with the vendor)

In other words, don't worry about it

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Your solicitor should be able to answer these questions, I would ask them tbh.

But you are aware that all the money in a purchase goes via your and their solicitor & bank? It's not just a massive bank transfer between your account and theirs! Their bank will make sure their mortgage is paid off first before giving anything left over to the seller!

From my experience and as mentioned above this is how it works. The solicitor will be handling the money and settle/deal with the mortgage company, if any.

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  • 336 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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