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How to avoid redemption fee?
caleb2003
Posts: 72 Forumite
I have my house on the market right now and when I sell I'm going abroad so won't be using the money to buy.
The mortgate redemption fee kicks in until the end of November so I am wondering if i accept an offer should i just delay them until then or alternatively is there any way that if it all completes before then (preferable) that we can just have the money paid to our Bank account and pay the mortgage off after November as if it was a loan?
Does that make sense? If so has anyone had this situation and how did they get out of it?
Thanks
The mortgate redemption fee kicks in until the end of November so I am wondering if i accept an offer should i just delay them until then or alternatively is there any way that if it all completes before then (preferable) that we can just have the money paid to our Bank account and pay the mortgage off after November as if it was a loan?
Does that make sense? If so has anyone had this situation and how did they get out of it?
Thanks
0
Comments
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It will be a condition of your mortgage that it is secured on your house. So you can't complete until after the end of Nov to avoid penalties.
I strongly recomend being honest with your potential buyers rather than stringing them along.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
there is no law that specifies how short or long a period there has to be between exchange and completion.
Suggest a sell for a higher figure for immediate sale (to take account of the penalties) or a lower figure at the later time frame.0 -
The chances are that even if you do receive an offer sometime this month that the sale will take till the end of November anyway.
No interested buyer should think you unreasonable for wanting to delay completion for what may well be just a week or two.
Good luck & hope you do soon find a buyer & can enjoy your new life abroad.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0
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