Paying off whole mortgage with house sale - ERC

[MrsBobDylan]

Does anyone know at what stage in the process of paying a mortgage off with house sale proceeds, do you pay the ERC please?

I am assuming/hoping it is once the money goes to the solicitors, who then transfer cash to pay off our outstanding mortgage + ERC from the sale proceeds.

Thanks!

I believe it was paid when the mortgage was paid off by the Solicitors from the sales proceeds.

That helpful, thanks!

The bank will provide a redemption figure which includes the ERC
It will then be paid once the purchase funds come through to the solicitors then any excess after sols fees etc will be paid to you

Yip, ERC is wrapped up in redemption value which is payable within days of sales usually by your solicitor.

Your solicitor should then give you a statement of account. Which shows sale proceeds, mortgage redemption and anything else due. The remainder will be payable to you (if there is any!) thank

That's such a relief!

I think I misunderstood the mortgage consultant when she said "you need to make sure you have the funds to pay the ERC" and I started to worry it might be in advance of the house sale.

We are financially reliant on selling this house, paying off the mortgage and buying our next property outright. If we run out of money, we can't borrow anymore and we don't have anyone who could bail us out until the sale goes through.

I had a proper panic about this and told dh we needed to sell the car - I'll go tell him he can come off red alert