Can I return my mortgage deed to my solicitor after the exchange contracts day?

kid_hotaru

Hello. I'm purchasing a property (flat). I have received my mortgage offer. And my solicitor has sent me a mortgage deed to sign and return. My exchange contract day has not been arranged yet.

Can someone give me some comments on the following questions, please?

1. Can I sign and return my mortgage deed to my solicitor AFTER the exchange contract day?

2. If I sign and return my mortgage deed before the exchange contract day, but later the property purchase is withdrawn (cancelled), will I still be responsible for the mortgage or get any trouble?

My understanding is, my solicitor will make a certificate of title after receiving my mortgage deed. If the purchase is withdrawn, my solicitor will not sent the certificate of title to the lender, so lender will not release the loan. Therefore I should not be responsible for anything. Am I right?

Thank you very much.

G_M

kid_hotaru wrote: »

1. Can I sign and return my mortgage deed to my solicitor AFTER the exchange contract day?
No. And why would you want to? Just sign and return.

2. If I sign and return my mortgage deed before the exchange contract day, but later the property purchase is withdrawn (cancelled), will I still be responsible for the mortgage or get any trouble?
No. Your solicitor will (metaphorically) tear it up.

My understanding is, my solicitor will make a certificate of title after receiving my mortgage deed. If the purchase is withdrawn, my solicitor will not sent the certificate of title to the lender, so lender will not release the loan. Therefore I should not be responsible for anything. Am I right?

Thank you very much.

Yes you are right.

kid_hotaru

G_M wrote: »

Yes you are right.

I was worrying that if I return the mortgage deed first, but later the purchase is cancelled, I will be in a trouble...

Thank you very much for your answer, it is very helpful.