Early Redemption Penalty - one month to go - HELP!

Maud_Boggins

Hi. I have a situation with an early redemption penalty.

My idiot of a solicitor paid by redemption fees to my mortgage broker 6 weeks before it was due to end. I have therefore, today, paid £5000 to my lender when I only had one month mortgage amount to pay until I was out of it with no penalties. I haven't spoken to the lender yet, but does anyone know if I have a case? A lady on an earlier thread stated that she offered to pay the remaining months payment to get the ERP back and they refused. How can this be a fair representation of the losses the the lender? How can the penalty be the same in year one as it is 6 weeks later? Can someone help as I would like to claim! This all happened because my solicitor did not send me a completion statement for me to check beforehand! Maybe I have a claim with him! Who knows!

(Any advice welcome, except please - for the love of God and all his harem - DO NOT RESPOND TO ME IF YOU ARE A NAZI BROKER OR OTHERWISE or if you have a "you should have known what you signed" axe to grind. Go and become a traffic warden instead if life is so black and white...)

Mr_helpful

Id have a go at the solicitor as they should have checked with you before completing
NON Nazi just Stalinist atheist broker

Fairdo_2

No axe to grind. For public record, I think you have been unfairly dealt if you were not shown a Completion Statement. That should be a duty of care from your Solicitor and the priority at time of agreeing completion dates. Depending on the Lender I would appeal to their better nature. Especially if you have redeemed and taken new mortgage out with them, but even if not, if you tried to make all reasonable efforts to make amends, like stating you were not made aware of penalty by your Solicitor, otherwise you would not have agreed to complete then and by offering to pay the due mortgage payments to date, then they may suprise you by applying common sense.

I would start with the Solicitor and ask them why they did not make you aware of this and suggest that they find away of getting this re-inbursed at no further cost to you.

Whichever way you go, keep diary of all conversations, dates and full names of people you spoke to.

If you don't get the result you want at this stage. Do not give up. I think you may even have a case with all the press and publicity (helped in no small way by Mr MSE!) about unfair charges, there may be a way to take this further by similar methods. Please keep us posted?

As I don't get as much time as I used to, to surf these forums, please send me a PM again if you want my personal input?

Good luck.