It is possible to find yourself in a ‘negative equity' situation when the outstanding mortgage exceeds the current market value. This could happen when a buyer has taken out a high LTV (Loan to Value) mortgage and the value of the property has subsequently fallen.
In these circumstances, the future owner will need to ensure they have made suitable arrangements with the mortgage lender. Homeward Legal's nationwide panel of conveyancing solicitors are experienced in working with owners and lenders to ensure this process runs smoothly.