Selling Your House
My mortgage lender is charging me an early redemption penalty. What is this and can I avoid paying it?
Most mortgage products have a penalty charge to pay if you redeem the mortgage within a certain period of time. There is no real way to avoid this – but most lenders will allow you to port your mortgage from one property to another without having to pay the redemption charge – however when your conveyancer is dealing with your mortgage it will be dealt with as redeeming your old mortgage and getting an entirely new one – this means that, when a redemption statement is requested for your old mortgage it will probably include an early redemption charge – the mortgage lender may not tell your conveyancer about this and it will not be clear from the offer – you must tell your conveyancer or you may end up overpaying – your lender will probably refund this but they might not if you don’t ask them.
Other frequently asked questions
- How much is my house worth? Do some research – get an idea of how much your house is worth http://www.mouseprice.co.uk/ ...
- How should I choose an estate agent? Should be a member of the National Association of Estate Agents - http://www.naea.co.uk - have ...
- My estate agent wants me to sign a contract giving him ‘sole agency rights’. Is this a good idea? This ties you into a an agency for a particular period of time – if ...
- My estate agent wants me to sign a contract giving him ‘sole agency rights’. Is this a good idea? This ties you into an agency for a particular period of time – if the ...
- I want to advertise my house with lots of different agents. Can I do this? Advertising with lots of agents can sound like a good idea – ensures that you ...
- I want to sell my house privately. Is this a good idea and how do I do it? It depends – you are likely to pay far less in terms of commission, but ...
- I have instructed an estate agent to sell my house, but a friend of mine now wants to buy it. Do I still have to pay the agent? Depends on agreement with agency – some have provisions that can mean you have to ...
- What is conveyancing? Technical name for the legal work carried out during the process of buying or selling ...
- Where are my deeds? One of three places – with the conveyancer who acted when you bought the house, ...
- What are property information forms? Made up of two or three forms – property information, fixtures, fittings and contents and ...
- What are ‘Office Copies’? Old name for copy of land register – now called Title Information Document – requested ...
- Why is my solicitor carrying out a bankruptcy search? Will be a requirement of your mortgage lender and the lender for your buyers – ...
- What is involved in a remortgage This is simply where you pay off your existing mortgage lender with the proceeds of ...
- My buyers have asked me to extend my lease. How do I do this? Speak to your conveyancer – will need to determine who will pay for extension and ...
- My buyer cannot give me a 10% deposit, but still wants to proceed with the purchase. Should I be concerned? Most house transactions traditionally have a 10% deposit – parties usually agree less if there ...
