Selling up and dealing with First Plus...

[pepperchips]

Hi

 

At the end of this year, when my mortgages redemption penalty no longer applies I am going to sell my home and rent in my local city. I currently have a mortgage (72k left) and a First Plus loan (around 40k left) and I am considering using "save and move" to sell the property and not use a solicitor to keep the costs down.

 

I would like to know the best way to deal with First Plus in this situation and whether not using a solicitor is a good or bad thing. I also would like advice on doing you own conveyancing but I'm not sure where to post about this?

 

Many thanks

[ninjainthenight]

you dont need a conveyencer to sell a property only to buy one. a solicitor wont cost a great deal as it is a straight forward siposal of asset and any cost savings made by you doing it yourself will be offset by the time it takes to learn and carry out!! if you will not have anough equity to clear all loans you could ask first plus for a reduced settlement but in all liklihood they will tell you to clear the loan with finance from elsewhere,

[pepperchips]

Thanks Ninja.8)

 

I am assuming that the solicitor would do the conveyancing? So am I correct in thinking that as I don't need any conveyencing my solicitors fee may be less than when moving from one mortgaged property to another mortgaged property?

 

Am I also correct in thinking that the "siposal of asset" for the paying of the First Plus debt will just form part of the forwarding of money that would happen during a sale anyhow? And as such the dealing with First Plus isn't likely to cost too much ?

 

I have read a lot about getting Full And Final Settlement letters a lot on this forum, will the solicitor know to ask for one of these or does the fact that I am using a solicitor to pay for the debt automatically cover my back anyway? As you can imagine I just don't want them to be able to bother me in the future once I have paid it off. During a divorce several years ago I agreed to a financial clean break where neither party could make any future claims on the other. Is there one of these for companies like First Plus?