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 Do you have to tell the bank you are selling?, Mortgage question |
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 05/01/2013, 06:53 PM
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We are selling shortly but not buying right away so will be closing our mortgage.
My question is, do I have to tell the bank that we are putting the house on the market? Or only once the legals on a sale are done? |
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05/01/2013, 06:56 PM
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#2
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Joined: 30-January 12
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Only once it's done. The REA/Solicitor will do a title search that will show there is a mortgage over the property. That is how it gets settled, you don't actually have to tell the bank anything.
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05/01/2013, 07:00 PM
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#3
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Joined: 30-July 10
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Thank you very much
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06/01/2013, 03:39 PM
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Hi, just letting you know that when we were selling our house we had to let the bank know. The solicitor told us we had to ring the bank and let them know as it could delay settlement by weeks.
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06/01/2013, 03:50 PM
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#5
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I can't really answer this question for you, as I've never sold a mortgaged property, and I'm sure different banks may have different policies. However, I would have thought that the fact that you are selling the asset that your mortgage is secured to, you would need to advise your bank as they are an 'interested party'.
I may be wrong though...I'd suggest investigating further with your bank. |
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06/01/2013, 03:58 PM
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#6
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We didnt have to let our bank know until we got a contract.
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06/01/2013, 04:03 PM
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#7
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You have to the let bank know as they will have to prepare a release of mortgage. This can take up to 3 weeks. The bank attends settlement and only hands over the release of mortgage to the buyer's solicitor when you hand them a bank cheque to pay out their loan. I can 100% guarantee your property will not settle if you or your conveyancer do not give your bank sufficient notice.
ETA your formal notification to our bank takes place after you enter into a sale contract. You do not have to let your bank know you are putting your property on the market. This post has been edited by AllegraM: 06/01/2013, 04:06 PM |
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06/01/2013, 04:04 PM
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#8
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Check your mortgage documents. It may be a default if you don't (although whether they enforce it is a whole other thing).
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06/01/2013, 04:14 PM
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#9
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From: Australia
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I don't recall us personally telling the bank, I'm pretty sure our conveyancer did this for us.
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07/01/2013, 12:35 PM
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#10
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Good question, it was one of mine to ask, sounds like I need to check with the bank? but like pp I would have thought it would be the conveyancers job.
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