Advice please - remortgage didn't complete on time

chillipip

Hi there

Our remortgage was due to complete on Friday. However I was told on Monday by our conveyancer that the funds from the new lender did not clear in time and therefore we were unable to complete. This has meant that they have had request a new redemption statement from our current lender who have a policy of charging interest for the month rather than a daily rate so there is now a further redemption amount to pay. This doesn't seem right and would obviously leave us much worse off.

I'm trying to work out what to do but no one is taking any responsibilty for the failure of the funds to clear/mortgage to complete. The new mortgage provider said they made a BACS payment on 27th so funds would be cleared on 29th but the solicitor is saying the funds weren't cleared and furthermore they had requested in writing that the payment was made by CHAPS and it wasn't (the mortgage provider says they didn't see any letter and BACS is more reliable anyway)

I just am not sure where to go from here but the way I see it, we are left on our current (much higher rate) mortgage through no fault of our own and if we were to try and complete again before the month end, we'd lose out further by paying a full months interest for our current loan amount.

I hope that makes sense. I'm getting very confused and am not sure what more I can do.

Thanks