Any property solicitor on the forum?

Discussion in 'The Buying & Selling Process' started by hash_investor, 11th Sep, 2019.

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  1. hash_investor

    hash_investor Well-Known Member

    Joined:
    11th Oct, 2015
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    Location:
    Sydney / Canberra
    Hi

    Do we have a property solicitor on the forum ? I wanted to know how does a property that is for sale under 2nd mortgagee in possession settles? There are two mortgages on the property and second mortgagee is selling it after a court order because owner defaulted on it. Now how does the 2nd mortgagee settles the property wrt the first mortgage? Do they need consent from the owner to discharge the mortgage with the first mortgagee?

    I am talking to the conveyancer but he is trying to find this out.

    Thanks
     
    hash_investor, 11th Sep, 2019
    #1