Remortgage - reasonable timescales

Ollie80

I am in the process of remortgaging (switching companies). My existing mortgage had penalties which expired at the start of the month.

I had got all my paperwork in place over a month before this date thinking the conveyance team would switch my mortgage on the day my penalties expired or the day after.

11 days after my penalties expired and still no sign of a completion date and I am incurring additional interest costs on a daily basis (£200 so far).

Things that have held up completion seem to be the conveyancer not requesting the redemption until a few days before the penalties expired and the existing company taking a while returning the redemption figure.

My question is, is this normal? What is a reasonable timescale for completion? Is there a way to ensure completion on the day penalties end?

Thanks

Slayerx

On the forms you sent back I'm assuming it asked you when the penalty expired and when you wanted to complete?

If this is the case and you indicate as soon as you had no penalty to pay then this is pretty poor.

Most legal firms will request ahead of time a figure for the day after you pay penalties and aim to redeem that day unless you told them otherwise.

Who is the existing lender and which firm are doing the legal work?

Thrugelmir

Ollie80 wrote: »

Things that have held up completion seem to be the conveyancer not requesting the redemption until a few days before the penalties expired and the existing company taking a while returning the redemption figure.

The redemption figure wouldn't be known until the fixed term expired.
So there was no point in applying any earlier.

There's only been 6 working days since the 30th April. So seems reasonable enough in time scale.

Slayerx

Thrugelmir wrote: »

The redemption figure wouldn't be known until the fixed term expired.
So there was no point in applying any earlier.

There's only been 6 working days since the 30th April. So seems reasonable enough in time scale.

Depends on the lender and possibly OP's payment date but it most cases the figure can be obtained prior the ERC's expiring.