Plymouth solicitors ensure buyer won't be saddled with sellers' mortgages


Despite having a Plymouth postcode, Torpoint is not in Devon but in Cornwall. County boundaries notwithstanding, the sellers of a home located in the village instructed Trobridges Conveyancing Solicitors in Plymouth at 1 Ford Park Road, Plymouth, Devon PL4 6LY to act for them.

Plymouth Property Lawyer Gemma Farguson was acting for the buyers, and had to make sure that the local searches were sent to the correct local authority.

The house which her clients were buying was a terraced home located on Sconner Road, Torpoint, PL11 2LJ, and had found the charming property through agents Richard Dolton of 67 Fore Street, Torpoint, Plymouth, PL11 2AA.

The official copy of the title obtained from the land registry's Plymouth office showed that there was more than one mortgage over the property. Gemma had to be satisfied that the registered owners were not in negative equity and would be able to discharge all mortgages over the property.

Making sure that buyers won't have to pay the sellers' mortgage

Mortgages are said to be 'charged' on a property, and will continue to affect it until they are repaid. Conveyancing Solicitors in Plymouth acting for buyers have to make sure that any existing mortgages are paid off (or 'redeemed') at completion or otherwise the buyers will find they will have to pay them!

Cases have arisen where it has been found that the seller would not get enough money from the sale to pay off all the money owing. If this is only discovered after contracts have been exchanged then it creates considerable difficulties for buyers, as it is likely that the sale cannot be completed.

Consequently Gemma asked the sellers' Conveyancing Solicitors in Plymouth for confirmation that they would have sufficient funds on completion to discharge both the mortgages. They confirmed that they had contacted both the lenders for redemption statements, and were satisfied that their clients were not in negative equity.

Having received this confirmation, together with replies to the other enquiries which she had raised, Gemma was satisfied that the sellers' legal title was all in order. She therefore asked her clients to sign the contracts, and arranged an early completion.

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