Avoiding ERC through delaying redemption

FiftySeven

I have agreed a sale of my flat, almost at the stage of exchanging contracts. My 2 year fixed comes to an end on 31st March (12 weeks away). I will face 1% ERC on the outstanding loan if I redeem the mortgage early. I can see 2 options:

1. Ask the buyer if we can agree a completion date of 1st April. He may not be happy waiting that long

2. Is it possible to complete the sale (for example sometime in February) and for my solicitor to hold on to the money for a few weeks, and not redeem the mortgage with my lender until 1st April?

Thanks for any advice

davidmcn

FiftySeven wrote: »

2. Is it possible to complete the sale (for example sometime in February) and for my solicitor to hold on to the money for a few weeks, and not redeem the mortgage with my lender until 1st April?

No. Your mortgage would need to be discharged immediately (to give your purchaser a clear title), and the lender isn't going to do that if they don't have your cash.