Unless you have made specific arrangements with your lender, Mortgages are generally not transferable. This means that when your property is sold, the Mortgage or Mortgages together with any other charges, liens, caveats or the like are discharged or paid off.
The mortgage will be paid out at settlement from the settlement funds and any balance left over will be paid as you direct. Some lending institutions will require your signatures on a “Discharge Authority”. This document will be forwarded to you from Right Choice Conveyancing if required. You must sign this document and complete any other sections where indicated and return the document to Right Choice Conveyancing without delay. MOST BANKS WILL NOT SETTLE WITHOUT THIS AUTHORITY.
Prior to settlement, Right Choice Conveyancing will advise you of the amount owing under the mortgage and any query regarding this amount should be taken up immediately with your lender.
Disclaimer: The information provided on the Right Choice Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Right Choice Conveyancing web site to your particular circumstances.