Paying back secured loan when selling up

[pagey]

Hi,

What is the usual process for repaying secured loans when you decide to sell your property?

I have �50k equity and �14k secured loan. I was wondering how this is dealt with at exchange-of-contracts. Does the solicitor pay it on your behalf? Are you entrusted to pay it with the funds you recieve when the property is no longer yours? Does it have to be settled before you can sell?

Thanks

[dannydingbat]

The solicitor will have to pay the loan from the proceeds of sale amd undertake to do so or provide a receipt to the buyers on completion. Otherwise the charge will not be released on your property and the deeds will not be clear which you will undertake to do in the contract.