MG Legal Solicitors 
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Who pays off my mortgage when selling a property? 

Upon Completion of your sale, it is for your conveyancing solicitor to arrange redemption of the mortgage secured over the property, in order that the lender’s registered charge can be removed. 
Upon Completion, there are a number of items on the agenda for your conveyancer, these include confirming completion and attending to the release of keys, paying any estate agent fees on your behalf (with your consent), incepting any indemnity policies that have been agreed, and, importantly, attending to the redemption of the legal mortgage. You will, of course, be provided with a completion statement, in advance of Completion, detailing all such payments that are required. 
Ahead of Completion, your conveyancer will have obtained a final redemption statement from your lender, detailing the exact amount due to them, on Completion, in order to redeem the charge, in full. This will be forwarded to you, for your approval and, upon Completion the required amount is transferred to the lender. 
This then allows the lender to close the mortgage amount and confirm, with HM Land Registry, that their security over the property is to be discharged. 

Get in touch and talk to an expert property conveyancing solicitor today. 

MG Legal's expert property solicitors are experienced in dealing with all aspects of residential and commercial property sales and purchases. 
Our property solicitors understand that buying or selling a property is an extremely exciting time, but can also become overwhelming. Keep the process hassle-free, and leave the conveyancing to our conveyancing experts, who will guide you through the process in a no-nonsense way. 
MG Legal allow you to focus on the excitement of your new home, with the help of our friendly team who work with you, not just for you. 
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