When you sell your house it might seem an odd question but just who does get the money?
In fact, money is distributed in a fairly strict order when a sale is made.
So the first people that will get any cash will be people with what is known as a ‘charge’ on the property.
This is a legal claim to any money that is paid for the house and this will be dealt with by your solicitor.
The ‘First Charge’ is usually taken by the mortgage company and they will be paid out first.
any ‘second charge’ owners will get paid next.
Typically they will be banks and other loan companies that you may have had an advance from.
If you have had a court judgement against you then there may be other charges against the property that will need to be paid next.
It is likely that you may have made an agreement with a company that you will pay them when your house is sold.
An estate agent would be a typical example of this.
You will have signed an agreement that when the house is sold and the charges settled, they will be paid their fees.
Of course the benefit of a quick property sale with Lothian is that there are no estate agents’ fees!
It is also possible that there may be an agreement in existence with someone else or another organisation that you will pay them.
A good example of this would be your solicitor who will of course take their fees before ending you your money.
Again with Lothian Property Buyers you won’t be paying solicitors’ fees so you don’t need to worry about this.
Money you need to pay
Once you have your proceeds from the sale you will need to settle up with a few people
You’ll need to pay any outstanding council tax up to the date you left.
There will also be closing bills for utilities such as gas, water and electricity and you’ll only get these a couple of weeks after you have left the property.
And of course your phone and broadband provider, and satellite or cable company will send you a closing bill.
And after all, that what’s left is yours.
With Lothian Property buyers many of these costs simply don’t exist so you get to keep more of the offer price of your property.
Why not contact us now and have a chat about your property and how we can help?