Mortgage Redemption Miscalculation

davep26

I'm hoping someone could give me some advice.
My brother has recently sold his flat, his solicitor recieved the redemption figure from the bank and the money was paid. Now around six weeks later the bank has contacted the solicitor saying that the interest was miscalculated and he owes a further £170 and are refusing to discharge the mortgage until the money is paid.
It's my understanding that the bank should discharge the mortgage in a case like this and deal with the monies owed separately, is this correct?
Secondly, is he still liable for the money despite the bank making the mistake?

Many Thanks

Dave

dunstonh

Secondly, is he still liable for the money despite the bank making the mistake?

Yes. You dont get away with paying money you are meant to pay just because someone input a figure wrong.

It's my understanding that the bank should discharge the mortgage in a case like this and deal with the monies owed separately, is this correct?

I dont know the answer but my guess would be that the bank has the right to retain a charge until all funds are paid.