We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Conditions
Rvsbf_104
Posts: 11 Forumite
We received an offer on Friday. All good, including the condition we pay off existing debt of the monthly amount stated on our application on or before completion. All as expected and planned for.
My question is curiosity really; what checks does the lender carry out following completion to ensure this has been done? Will they 'check in' with us after a certain amount of time and ask to see evidence?
We have no intention of trying to buck the system here, just want to be aware of what might happen, if anything. Thanks.
My question is curiosity really; what checks does the lender carry out following completion to ensure this has been done? Will they 'check in' with us after a certain amount of time and ask to see evidence?
We have no intention of trying to buck the system here, just want to be aware of what might happen, if anything. Thanks.
0
Comments
-
Your conveyancer will do this. They act on behalf of both you and the lender.1
-
In my experience, the solicitors rarely get involved with clearing (unsecured) debt, and it's left as the lender trusting the borrower to deal with it. Certainly that's been the case with the Halifax in the past (who appear to be the OP's lender from their previous thread).Edi81 said:Your conveyancer will do this. They act on behalf of both you and the lender.1 -
Yes, Halifax
That's what we thought, but wanted to check. Thanks.0 -
The Lenders rely on the Solicitors. The Solicitor's generally pay little attention to this other than perhaps reminding the borrower of the expectation.
Occasionally, we will see a pedantic Solicitor who gets painful about it.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards