260. Discharge of seller's mortgage.

Arrangements for the discharge of the seller's mortgage or mortgages over the property will have been agreed between the parties at the requisitions on title stage1 of the transaction.

Where the mortgage is a first mortgage of the property in favour of a building society lender, the parties will usually agree to allow the seller to discharge his mortgage after actual completion by using part of the proceeds of sale to make payment to the lender. In such a case it will have been agreed that the seller's lender's solicitor should hand to the buyer's solicitor on completion an undertaking