Donate SIGN UP

Paying back secured loan when selling up

Avatar Image
pagey | 12:26 Sun 18th Dec 2005 | Business & Finance
1 Answers

Hi,


What is the usual process for repaying secured loans when you decide to sell your property?


I have �50k equity and �14k secured loan. I was wondering how this is dealt with at exchange-of-contracts. Does the solicitor pay it on your behalf? Are you entrusted to pay it with the funds you recieve when the property is no longer yours? Does it have to be settled before you can sell?


Thanks

Gravatar

Answers

Only 1 answerrss feed

Best Answer

No best answer has yet been selected by pagey. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
The solicitor will have to pay the loan from the proceeds of sale amd undertake to do so or provide a receipt to the buyers on completion. Otherwise the charge will not be released on your property and the deeds will not be clear which you will undertake to do in the contract.

Only 1 answerrss feed

Do you know the answer?

Paying back secured loan when selling up

Answer Question >>

Related Questions