What must be checked for any mortgage to be discharged during preparing for completion?

What must be checked for any mortgage to be discharged during preparing for completion?

• A. Redemption figure
• B. Completion date
• C. Title number
• D. SDLT figure

Answer: (A)

When preparing for completion, the essential check is the redemption figure from the lender. This figure states the exact amount needed to repay the loan in full and obtain the discharge of the mortgage from the title. It should cover the outstanding balance, accrued interest to the redemption date, any early repayment charges, and any admin or exit fees the lender requires. Verifying this ensures there are sufficient funds to redeem the mortgage on completion and that the lender will issue a discharge so the charge can be removed from the title. The completion date, title number, and SDLT (stamp duty) figure are separate considerations and do not determine the amount needed to redeem the loan.

When preparing for completion, the essential check is the redemption figure from the lender. This figure states the exact amount needed to repay the loan in full and obtain the discharge of the mortgage from the title. It should cover the outstanding balance, accrued interest to the redemption date, any early repayment charges, and any admin or exit fees the lender requires. Verifying this ensures there are sufficient funds to redeem the mortgage on completion and that the lender will issue a discharge so the charge can be removed from the title. The completion date, title number, and SDLT (stamp duty) figure are separate considerations and do not determine the amount needed to redeem the loan.