You have to the let bank know as they will have to prepare a release of mortgage. This can take up to 3 weeks. The bank attends settlement and only hands over the release of mortgage to the buyer's solicitor when you hand them a bank cheque to pay out their loan. I can 100% guarantee your property will not settle if you or your conveyancer do not give your bank sufficient notice.
ETA your formal notification to our bank takes place after you enter into a sale contract. You do not have to let your bank know you are putting your property on the market.
Edited by AllegraM, 06 January 2013 - 04:06 PM.