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Mortgage never completed but still charged payments.
Comments
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Hi guys
Thanks for your replies. I am based in Scotland so was a Scottish property. The solicitor held onto the monies until 30th May because we were waiting on inheritance funds which should have been thru by the end of February. However these were delayed and the seller pulled out at the end of May.
I used to work in the industry about 15 years ago and no mortgage was complete until a report on title was received confirming completion date. Maybe things have changed.
I can sort of see the bank's side but why should we pay the interest as we never had the money, the solicitor did?0 -
I can sort of see the bank's side but why should we pay the interest as we never had the money, the solicitor did?
The solicitor in their professional capacity was merely a custodian for the lender. The money was advanced to you.
You are lucky that's all it cost you by the sounds of things.0 -
So should I ask the solicitor why he didn't send the money back and request it again when we hoped to complete again?0
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Well you could. But it sounds like his actions were not unreasonable - the inheritance money was presumably always just a week or 2 away. If the delay in February was "The inheritance is delayed until May", it would be more reasonable to expect him to return the funds immediately.So should I ask the solicitor why he didn't send the money back and request it again when we hoped to complete again?You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
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Presumably Barney it did not occur to you that the funds were in the solicitors account throughout this time and needed to be paid for?
The Lender does not appear to be at fault, the funds were out and the interest under the contract was due.
If the solicitor had returned the funds and then you needed them suddenly for completion that wouldn't have working either.
Drawing the mortgage down when full completion funds were not available seems to be the lesson here.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
AIUI the solicitor should return the funds if completion does not take place within a week of the completion date set out in the certificate of title.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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