I have just sold a house and brought another. We are using the same lender. It's supposed to work like this, the loan we have for our current property is still active until settlement. We have another loan set up inactive but will take affect on settlement when we move into the new property. Basicly the current loan rolls over into the next. I was suprised to get a chq today for early realease of the deposit from the sale of our current property. I called the solicitor and asked where it had to go, she said it's your money but we will still need our costs paid for out of it. I called the bank and they said to put it straight on the inactive mortgage, if I do that I can't get it out again if part of it needs to go to the solicitor. I can put it in an offset account but I dont want a problem at settlement if its not in the right place in the first place. What the hell am I supposed to do with this?? PLEASE NO STUPID ANSWERS IT'S NOT GOING IN YOUR BANK ACCOUNT...
Thank you
2007-05-23 17:40:57 · 1 answers · asked by Nicky 3 in Business & Finance ➔ Renting & Real Estate
make a stipulation in the sale that everything is paid off and do what you plannd with the rest very legal in my opion?
2007-05-23 17:48:51 · answer #1 · answered by the_silverfoxx 7 · 0⤊ 0⤋