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Final mortgage payment before completion

FridayNight
FridayNight Posts: 1 Newbie
in House buying, renting & selling
When you are selling a house at what stage does the solicitor get the outstanding balance from the mortgage company? For example if you are due to complete on the 12th of the month and a mortgage payment is taken on the 11th of the month will the settlement amount the solicitors are using be less the capital amount of the mortgage payment taken the day before? Or would you require to get a refund from the mortgage company

Hopefully this makes sense!

Thanks in advance

Comments

  • Old_Git
    Old_Git Posts: 4,751 Forumite
    10 Posts Cashback Cashier Mortgage-free Glee! First Anniversary
    your solicitor should have a completion figure for a particular date .
    "Do not regret growing older, it's a privilege denied to many"
  • headachesrus
    headachesrus Posts: 224 Forumite
    Cashback Cashier PPI Party Pooper Home Insurance Hacker!
    Once a completion date has been agreed the sol will get a redemption figure from the lender for that date. He will pay that figure to the lender on the day of completion, plus his fees, agents fees, any other outgoings and you will get the remainder, if there is any. Do not be tempted to not pay your final mortgage instalment, it could well delay the sale.
    Light Bulb Moment: October 2011
    Debts: Cabot [STRIKE]£3289[/STRIKE] £0 :jLink 1 [STRIKE]£4050[/STRIKE] £0 Monument [STRIKE]£2907[/STRIKE] £0 Link 2 [STRIKE]£1083[/STRIKE] £0Overdraft [STRIKE]£3450[/STRIKE] £0 :beer:

    Mortgage balance Mar 15 £16,927.68 / £14,3,810
  • BristolBob
    BristolBob Posts: 98 Forumite
    We ended up getting (automatically) a refund of our final monthly payment and the 'old' mortgage.
This discussion has been closed.
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