Selling mortgaged house, no onward purchase. What happens?

[Floopdifloo]

Probably a bit of a stupid question, but I’ve never been in this situation so hopefully somebody can help!

In a couple of weeks I will hopefully (touch wood!!) be completing on my house sale. The house is mortgaged, and I have equity. I am living with family so there is no onward purchase.

Obviously I will receive some money back from the mortgage, but who notifies the mortgage lender that the sale has completed? Do I have to get in touch with them or is it done through the solicitor? Is there anything I need to do? Obviously I can ask my solicitor this question but it’s far quicker asking here 😁

Edit to add: this is in England

You will to give the bank account details to your solicitor that you want funds to go into.

It is normally done through your solicitors.
The mortgage lender and solicitors arrange it all between them, then on the day of completion, the mortgage lender would pay the money to your solicitors, and then your solicitors pay it to you, minus any fees (if applicable - solicitors normally charge a transfer fee or similar for handling the money).

The solicitors pay off the mortgage and send you the equity less their bill.

Have you checked if you’ll need to pay an early repayment charge to the bank?

Your Solicitor will pay the mortgage off, estate agents commission and take their fees and disbs. You will be sent the balance on completion. Make sure you cancel your direct debit to the lender once completion has taken place.

Solicitors will get a redemption figure from the mortgage company on the day. As interest is charged daily. They will pay you the remainder less their bill. I was told it’s a £20 fee for a same day transfer of funds but a regular transfer which takes up to five days would be free.

Thank you so much everyone, this has all be super helpful!

The Solicitor will pay the mortgage company and will arrange for them to release the charge over the property at the same time.

They will need your bank details to transfer the remainder of the money. Expect a call from your bank to do money laundering checks and wanting to give financial advice if a large sum!