Simon L
Member
Registered: 24th Mar 02
Location: Glasgow
User status: Offline
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Scenario. Flat worth £100k, initial mortgage taken out for £75k, only £50k left on the mortgage.
If it were to sell, the bank would be due £50k (plus any fees) and the remainder (~£50k)would be due to the owner? Yes/no?
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Yes. Why would it being a flat make it any different to any other sale?
Unless it's on a shared ownership or something odd...
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Simon L
Member
Registered: 24th Mar 02
Location: Glasgow
User status: Offline
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I have no idea, wasnt sure if it was related to the current value of the flat, and not the initial value borrowed. (Useless with this kind of stuff)
I was just a bit unsure as that seems far too simple.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Nope. If it sells for £100k the bank take their shame and you take the rest, simples.
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