2007-10-13 20:59:50 · 9 answers · asked by christopher l 1 in Business & Finance ➔ Personal Finance
Ha ha! To a moron maybe! But you can't pass title.
2007-10-13 21:01:59 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Yes of course.
You Solicitor will check with the Land Registry to discover all the loans attached to the house (there is almost always a Mortgage). He will then contact all those with claims on the house to discover how much is outstanding.
When the money from the buyer comes in, your Solicitor will pay off all the outstanding loans before the house is registered into the new owners name.
Your Solicitor will then take his fees out of the remaining money and any left over gets passed onto you.
Needles to say, these days the 'Deeds' are held electronically (at The Land Registry) and the Registry will refuse to register a new owner untill ALL those who have loans secured (registered) against the house agree to it.
So even if you some-how bypassed your Solicitor, no-one could buy the house without paying off all the lenders.
2007-10-14 04:14:11 · answer #2 · answered by Steve B 7 · 1⤊ 0⤋
Yes but once the monies are sent to the solicitors the original loan is paid off. Then a new loan if needed is taken out and you are then able to purchase another property if you want.
Whatever happens the original loan is immediately paid on sale.
2007-10-14 04:30:45 · answer #3 · answered by londongate11 3 · 0⤊ 0⤋
There is no problem with this although all debts will have to be cleared before the Land Registry will accept the registration by the new owner. It is a really common thing and your Solicitor will arrange for the loans to be cleared from the sale receipts.
2007-10-14 07:33:23 · answer #4 · answered by JOHN R 4 · 0⤊ 0⤋
Yes....you need to pay the loan up out of the sale money...thats why its sat there secured
2007-10-14 11:31:53 · answer #5 · answered by stormydays 5 · 1⤊ 0⤋
The loan details will be with your deeds, and must be paid off before completion. It is attached to the house, not to you, and when the house goes - it must go too.
2007-10-14 04:02:54 · answer #6 · answered by Anonymous · 2⤊ 0⤋
Sure. You just have to clear the title before you sell, or adjust the price and have the purchaser become responsible for the debt.
2007-10-14 04:02:31 · answer #7 · answered by Pagan Dan 6 · 1⤊ 1⤋
I think so, but the lien has to be satisfied, in other words, the house has to be paid in full
2007-10-14 04:07:25 · answer #8 · answered by sp4raulg 2 · 0⤊ 0⤋
As long as you aren't in negative equity - if you are you need the lenders permission
2007-10-14 04:06:34 · answer #9 · answered by Johnny 7 · 0⤊ 0⤋