What normally happens when IP is sold and banks

Once you sell an IP does the solicitor inform the bank that the property has been sold or would the owner need to contact the bank to inform them?

Does any one know the department you need to speak to?

Thanks
 
Your solicitor or conveayncer should be familiar with the process.

Essentially they lodge a discharge notice with the lender and probably some other paperwork around the mortgage de-registration. It's a fairly straight forward process in most cases. The banks own paperwork tends to have the contact details of the appropriate section to lodge it with.
 
I would not rely on the conveyance doing anything. We suggest sellers advise say at unconditional stage their bank. It usually requires a "release of mortgage" form to be signed. Some banks need time then to prepare for settlement. We had one seller leave it too late, and then asked the buyer for an extension. The buyer said "no" and walked, so sale was lost.
 
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