Closing date - when does vendor's mortgage get cleared?

Says Aron

Hi there,

Just wondering what date I can expect my mortgage will be cleared after closing? Is it the sane day, or how much longer afterwards?

Thanks!

Victor

Assuming the sale amount is enough to clear the balance, I imagine it might take a few weeks for everything to clear and for the mortgage to be cleared from the property registration. Check with your solicitor and/or bank. However, it might be possible that the bank will deem it cleared sooner than that.

astrofool

We've sold and bought (and moved via moving truck) on the same day, in Ireland, clearing two mortgages in the process, solicitor will advise what's possible as it can depend on a number of factors.

Peregrinus

Your mortgage will be cleared immediately - as in, once the bank has been paid the money you owe to them, you don't owe the bank any money any more. I would expect the appropriate entries in the bank's accounts to be made by close of business on the day of settlement.

At closing your bank will hand over a discharge document to enable its mortgage to be taken off the title to the house. The purchaser gets this, not you. By the time this is lodged at the land registry and processed, it may take a little while. But what do you care? It's not your house any more.

Says Aron

Thanks all, no stress on my end about when the mortgage is removed from the title...my concern is that the balance of the mortgage is cleared promptly to stop interest accruing each day it's not settled! Appreciate the help.