Solicitor still waiting for redemption statement - problem?

KTF

I am due to complete on Wednesday and everything is in place apart from the redemption statement from my lender with the details of the final balance of my current mortgage.

The solicitors claim they have not seen it today and the lender claims that they faxed it over this morning (joy!) but I was wondering what would happen if it doesn't turn up tomorrow.

In the past when I have re-mortgaged, the solicitor has always seemingly overpaid. For example:

Balance of existing mortgage at time of approval = X
Actual balance when it is drawn down (lower due to a monthly payment or two) = Y

Difference between X and Y returned as a cheque from the lender a week or so later.

I can see how the solicitor likes exact numbers but I am happy for them to round it up in order to clear the existing balance and I get the 'change' later if it sorts this problem out.

I know what the outstanding balance is as I can see it on the online banking and there are no redemption penalties so I don't see why they cant round it up and sort it out later.

Whilst I am a bit concerned about this, I am not sure how much I should be and at this point it is out of my hands anyway as there is nothing I can do to solve it.

Has anyone had this happen before?

ghosti

Previously I have called up the bank and asked them for the redemption figure for the completion date and given that figure to the solicitor to pay on that date. Will that work for you?

KTF

Thats was my next course of action after have let me know if they have found anything on or near the fax machine tomorrow morning...

I dont know why they cant ask for it verbally themselves other than they like a paper trail.

ghosti

Solicitor told me that the bank wouldn't tell them, data protection or something. One phone call sorted it so it was no sweat in the whole scheme of things.. :-)

KTF

Thats what I thought which is why I am not losing too much sleep about it (yet).