Vendor to furnish redemption figures

05/04/2018

It has come to the attention of the Conveyancing Committee that some vendors are refusing to furnish redemption figures to purchasers in advance of completion.

Committee recommendations

Practitioners should note that it is the recommendation of the Committee that, prior to completion, the purchaser’s solicitor should be furnished with a copy of the letter obtained by the vendor’s solicitor from his/her client’s lending institution setting out the figure on receipt of which the lending institution will discharge the vendor’s mortgage.

Law Society eZine

This article originally appeared in the March 2018 Law Society eZine. For more information, and to subscribe, see eNewsletters.