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Selling your house what about the mortgage?

My husband and I are thinking of moving to the West country next year and have considered selling our own house ourselves. If we do this what considerations do we have to take into account with our current mortgage provider, can anyone help?

:confused:

Comments

  • hearts
    hearts Posts: 1,191 Forumite
    Remember to pay them back ;-)
  • Bagnally wrote: »
    My husband and I are thinking of moving to the West country next year and have considered selling our own house ourselves. If we do this what considerations do we have to take into account with our current mortgage provider, can anyone help?

    :confused:

    Your solicitor deals with this not the Estate Agent so no problem in selling yourself.
  • mbga9pgf
    mbga9pgf Posts: 3,224 Forumite
    Unless you have more debt than equity, that is. You will need to find the equity to pay off the remaining mortgage and supply your next deposit of course.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 7 November 2009 am30 11:53AM
    and have considered selling our own house ourselves.
    Do you mean marketing ie cutting out the EA, or conveyancing - cutting out the solicitor?

    If the former, no prob - your solicitor will deal with the mortgage.

    If the latter, it's a problem. DIY conveyancing is perfectly possible if you know what you're doing, though there is a handicap where the property is mortgaged.

    The purchaser's solicitor will not agree to Complete until the mortgage is removed from the Title. Solicitors get round this, by giving each other 'undertakings' to remove the mortgage once Completion has taken place and the funds changed hands. They can do this because of the Codes of Conduct and Professional Indemnity which solicitors have.

    Acting for yourself, the purchaser's solicitor will not accept such an 'undertaking' from you as there is no guarantee you will not take the funds and then NOT pay off the mortgage but instead go off to S America!
  • Thank you all for your responses. Very helpful....and hearts I loved your response. It made me giggle ;-) x
  • If you are leaving a mortgage early you may have some fees to pay - unless you are moving the mortgage to a new property this can sometimes negate the fees.
  • Patr100
    Patr100 Posts: 2,710 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Check withyour lender that your mortgage is "portable" and if there are any fees/paperwork you need to be aware of - before you try to sell or buy.
  • Thank you. These tips are most helpful x
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