If I want to sell my house, how about my outstanding mortgage ?
Let us say, I bought one house with market value of £100,000, paid £15,000 deposit and get mortgage from the bank for the next 25 years.
If I decide to sell my house after two years, what should I do with my outstanding mortgage. Can I transfer it to buyer? I heard that the estate agency and solicitor will get involved in this matter, what kind of roles do they play?
I will appreciate if anyone can explain to me how it works in details.
Another question just got into my mind as reading your answers.
By the time I sell my property, I do not think I am able to pay off the outstanding mortgage. And the buyer may have to get a mortgage from bank as well.
Does that mean I could not sell my house until I own it completely.
"When you sell the property you repay the outstanding mortgage from the proceeds from the sale. For example, you sell your house for £125,000 when you still have a mortgage of £80,000. You repay the oustanding £80,000 to the lender and you keep the remaining £45,000 (from which you pay estate agents and solicitor fees)".
My confusion is that it is unlikely for the buyer to offer £125,000 cash, how am I going to pay back the outstanding debt.
According to other answers, my understanding is that the buyer will take a mortage to cover mine. Am I right?