Redemption Certificate

DGJsaver

Is it an actual condition of exchange , for the solicitors to have to receive a mortgage redemption certificate?

Lender is Barclays

kingstreet

Certificate?

Are you sure that's what you mean?

Can you explain the circumstances. Is this exchange for a sale?

Thrugelmir

Are your referring to a Mortgage Redemption Statement?

DGJsaver

Hi

Yes Thruglemir , thats the exacty terminology used by my vendor

we are buying , exchange held up all week as vendor says his solicitor wont let him exchange until they have seen this document via his Lender

kingstreet

Your solicitor requires confirmation that clear unencumbered title to the property will be offered at completion. To be able to do that, the vendor's solicitor needs to demonstrate that he has established what loans are secured over the property and that they can be repaid from the sale proceeds.

This is achieved by the vendor's solicitor requesting a redemption statement from the secured lender(s) to compare it with the sale price.

So, yes. I would agree that exchange cannot take place until the redemption statement has been obtained. These can usually be faxed from lender to solicitor and need little notice.

DGJsaver

kingstreet wrote: »

Your solicitor requires confirmation that clear unencumbered title to the property will be offered at completion. To be able to do that, the vendor's solicitor needs to demonstrate that he has established what loans are secured over the property and that they can be repaid from the sale proceeds.

This is achieved by the vendor's solicitor requesting a redemption statement from the secured lender(s) to compare it with the sale price.

So, yes. I would agree that exchange cannot take place until the redemption statement has been obtained. These can usually be faxed from lender to solicitor and need little notice.

Why doesnt the vendors solicitor use the contract to show the offer meets what the vendor tells him is outstanding on the mortgage ,surely it cant all be suspended in mid air because some lazy !!!! at the bank cant be bothered to fax a statement? the problem is , that it`s now been 5 days in coming and still no sign from barclays to solicitors vendor, my vendor is getting uptight , i`m getting uptight , and it`s compromising the chain

Vendors solicitors say they are `chasing daily`

Someone needs to get this sorted because it`s souring the transaction

kingstreet

Vendor needs to get on the phone to what, after all, is his mortgage lender!

DGJsaver

vendor seems to think it`s just a case of his solicitor keep requesting it , i am about to call him , to get him to take matters into his own hands , get onto his branch and/or broker to get this damn think sent to his solicitors
It CANNOT be this difficult or long winded!!!

kingstreet

I would guess that his annual mortgage statements have a customer services phone number printed on them. Not a branch or broker job, this. They probably wouldn't even deal with the broker on the existing mortgage, even if he originally sold it.

DGJsaver

kingstreet wrote: »

I would guess that his annual mortgage statements have a customer services phone number printed on them. Not a branch or broker job, this. They probably wouldn't even deal with the broker on the existing mortgage, even if he originally sold it.

I have left him a voicemail suggesting one way or the other he takes the bull by the horns and deals with this himself

The other thing i suggested was faxing or emailing his most recent statement to his solicitor , we know it is the sole charge on the property so surely this will be enough to allow exchange

This has taken a week (so far) , a good example of why the process can take so long for no good reason

Beyond ridicolous

kingstreet

DGJsaver wrote: »

The other thing i suggested was faxing or emailing his most recent statement to his solicitor , we know it is the sole charge on the property so surely this will be enough to allow exchange

Unfortunately not, as increased borrowing could have taken place since the date of the statement.