Hi all.
What is the scenario when lender A has security over two properties (separate loans) and lender B is taking over the loan but only one of the properties. I.e, the properties have gone up in value enough for the new lender to only need the one property.
Is the second property automatically released?
Wasn't going to get a solicitor/conveyancer to get involved as I thought it would be a fairly straightforward procedure. I spoke to someone at the Land Titles office and they said to just inform the bank (releasing) of what's going on and all should be ok, but thought I'd ask the knowledgable folk here.
Thanks
Marty
What is the scenario when lender A has security over two properties (separate loans) and lender B is taking over the loan but only one of the properties. I.e, the properties have gone up in value enough for the new lender to only need the one property.
Is the second property automatically released?
Wasn't going to get a solicitor/conveyancer to get involved as I thought it would be a fairly straightforward procedure. I spoke to someone at the Land Titles office and they said to just inform the bank (releasing) of what's going on and all should be ok, but thought I'd ask the knowledgable folk here.
Thanks
Marty