Sale conveyancing - restrictions?

libf

I know that when purchasing a property with Nationwide the conveyancing must be done by a firm on their panel. Is the same true for selling a property with a Nationwide mortgage?

kingstreet

I can't see why that would be necessary, no.

Any solicitor/conveyancer can obtain a redemption statement and send the funds to the lender on completion day.

Goldiegirl

If you are repaying the Nationwide mortgage and then completing another mortgage on a new property immediately, it'd be best to let the conveyancer deal with repaying the old mortgage.

The new mortgage will probably have a special condition saying that the old mortgage should be repaid before any new mortgage is completed.

If the solicitor doesn't send the money to the Nationwide themselves, they wouldn't know that the old mortgage had been redeemed, so they would not be able to comply with the special condition on the new mortgage - they simply wouldn't know if the old mortgage had been repaid, and wouldn't complete the purchase of the new property.

If there is no new mortgage, then the Nationwide mortgage can be repaid without the need for the solicitor. You'd just give them the amount owing on the mortgage and their legal department would remove the charge on the property.

libf

It's a shared ownership leasehold flat, so I think I do need a conveyancer to deal with the purchasers solicitor for the sale.

I will be redeeming the current mortgage before I exchange on my new property though, so will dealing with a separate solicitor for the purchase.