Debt on the property and a Free and Clear report
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peg
Apprentice
Joined: 09 Jun 2005
Posts: 2
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 Posted: 10/11/08 - 06:00 Post subject: |
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| Hi to you all. I have just been told by the estate agency that I will need to get a Free and Clear report. My house has still got a debt running on it. It is my personal loan that has still got two years to go on it. Can I still get the Free and Clear report? |
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averyl
Apprentice
Joined: 12 Mar 2007
Posts: 1
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| Posted: 10/26/08 - 03:05 Post subject: |
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| No. If your house is being used as collateral in a secured loan, then it is everything but Free and Clear! If you want a full Free and Clear report, then you will have to pay off the debt straight away or manage to stall it in some other place, like your new property!? |
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greggory
Apprentice
Joined: 27 Nov 2005
Posts: 1
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| Posted: 11/10/08 - 00:11 Post subject: |
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| How is it possible to be Free and Clear before selling your house anyway. I still have a mortgage running on my house, and I am assuming that this will be paid off through the money I get for the sale of the property if I choose to sell it! That means it will not be Free and Clear up until the sale... |
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