In what cases will not be able to sell an apartment with a mortgage, reminded Volgograd residents

The sale of an apartment in a mortgage is possible, but requires the consent of the bank. possible in exceptional cases - for example, if there is already a judicial recovery of late payments or bailiffs seized property. If you do not want to coordinate the transaction with the lender, you can first fully repay the mortgage - then the sale is possible without the approval of the bank.

There are two main ways to sell a mortgage apartment with the consent of the bank.

The first is the transaction at the expense of the buyer’s money. The buyer transfers to the credit account the amount of the balance of the mortgage debt, and the seller transfers the difference between the debt and the value of the apartment. For the buyer, this scheme carries certain risks. In the contract, it is important to clearly fix the timing of the removal of the encumbrance by the seller and provide for penalties in case of delay in the process. It is safer to make payments through a letter of credit or escrow account: in this case, the bank will transfer funds to the seller only after fulfilling all obligations.

The second way is to reissue the mortgage to the buyer. It is relevant if the balance of debt to the bank is significant, and the potential buyer does not have enough free funds to fully pay for housing. It should be borne in mind that the lender can set a new interest rate and is obliged to approve a new borrower - without this re-issuance is impossible.

For any transaction with a mortgage apartment, it is advisable to involve a notary: he controls the observance of the rights of all participants and is responsible for the correctness of registration.

To start the sale process, you need to submit an application to the bank. It must be signed by all apartment owners and co-borrowers on the loan. The bank makes a decision within 10 working days. If the answer is positive, a notification of consent is issued, which is valid for four months from the date of application. During this period, it is necessary to find a buyer, conduct a transaction, repay the loan and issue a transfer of ownership. If it is not possible to meet the deadline, you can contact the bank with a request for an extension.

A separate nuance concerns apartments purchased with the use of maternity capital: in this case, the consent of the guardianship authorities will be additionally required.