The house is currently sale agreed and the sale should go through within the next week or so, so unfortunatley the bank know we have the cash so the negotiating a settlement is a non-runner. I was hoping that someone who'd gone through the same process might know the legal procedure or sequence of events. It's quite a substantial sum so I really don't want to pay off anything until I'm certain the sale will go through.
Hi, would be grateful for opinions, especially from anyone involved in conveyancing.
Am in process of selling a house in negative equity and while I have enough cash to pay off the balance outstanding on the mortgage after the sale, I'm a bit reluctant about how this is done from a legal point of view. Will I have to lodge the balance with my solicitor? Given all the dodgy dealings with client funds over the years I'm not entirely confident of doing that so wondering if anyone has done it any other way ie paying balance outstanding direct to bank after sale goes through. (It;s a sort of delicate conversation to bring up with my solicitor which is why I'm asking here!)
Hi, would be grateful for opinions, especially from anyone involved in conveyancing.
Am in process of selling a house in negative equity and while I have enough cash to pay off the balance outstanding on the mortgage after the sale, I'm a bit reluctant about how this is done from a legal point of view. Will I have to lodge the balance with my solicitor? Given all the dodgy dealings with client funds over the years I'm not entirely confident of doing that so wondering if anyone has done it any other way ie paying balance outstanding direct to bank after sale goes through. (It;s a sort of delicate conversation to bring up with my solicitor which is why I'm asking here!)
Easiest solution would be to deposit the money with your solicitor. When he receives funds from the sale he can forward it all to the bank, if the sale fails no money is paid to the bank.
Doesn't necessarily rule out a settlement. Call them and tell them you're thinking of buying a boat or even better a small plane and would like access to the funds shortly. They might be in the mood to negotiate then. You're under no obligation to repay the loan early using your capital but you're doing them a big favour by doing so. Especially seeing as you are on a tracker. Move your deposit if necessary.The house is currently sale agreed and the sale should go through within the next week or so, so unfortunatley the bank know we have the cash so the negotiating a settlement is a non-runner. I was hoping that someone who'd gone through the same process might know the legal procedure or sequence of events. It's quite a substantial sum so I really don't want to pay off anything until I'm certain the sale will go through.
Doesn't necessarily rule out a settlement. Call them and tell them you're thinking of buying a boat or even better a small plane and would like access to the funds shortly. They might be in the mood to negotiate then. You're under no obligation to repay the loan early using your capital but you're doing them a big favour by doing so. Especially seeing as you are on a tracker. Move your deposit if necessary.
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