How soon is a redemption figure asked for when sold own house?
Answers:
You can ask for a redemption figure as soon as you like you tel them the date you intend to redeem your mortgage and they will calculate it to that date - if that date then changes, just get back in touch with the mortgagee and inform them of the change of date and they will re-calculate.
Its a good idea to obtain a redemption figure as soon as possible, that way you are aware of what you are required to pay back inculding any admin fees, any forgetton early redemption fees and document release fees there may be.
Do it before exchange of contract - that way you know you will have enough money to pay off the mortgage before you commit yourself to sell the property.
a redemption figure is asked for upon exchange of contracts, or as soon as you know the date of completion. this is worked out on a daily basis up to and including completion day.
Not quite sure exactly what you mean, but here goes. When you're about 2 weeks away from the completion date, ie usually at exchange of contracts, your conveyancing solicitors will request a redemption figure from the lender. The lender will take a day or two to provide it, usually by fax. The conveyancer then puts that figure (which will be calculated to the completion day) into the completion statement so that, in theory, you know in advance exactly how much money is coming in on your sale, how much is needed to redeem your mortgage, and how much will be left over after the estate agents and sols. have taken their cut.
if you are selling you house and are going to pay off the remaining mortgage, you phone for a redemption figure as soon as you know when you completion date is.
Normally a few days before closing. The financial institution will forward the redemption figure plus the daily rate of interest so it can all be calculated for the closing date.
On exchange and is payable on completionof your house sale. Most lenders will give it youback if you purchase another property within 6 months and use them as the lender again
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