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Redemption Statement - Charge?
Onions
Posts: 5 Forumite
Hi,
Would welcome any advice on this.
I am in the final throws of a house move and have requested a redemption statement from my mortgage provider. They have demanded a payment of £25 to release this information to my conveyancers. I have never before requested a statement or redemption figrue, so this is the first instance.
My understanding was that under the consumer credit act, section 97, the creditor is obliged to provide to the debtor upon request "a statement in the prescribed form indicating, according to the information to which it is practicable for him to refer, the amount of the payment required to discharge the debtor’s indebtedness under the agreement" and that where the debt is secured on land that this must be provided in writing. There is no reference to any charge for this
So I am thinking that a charge is therefore illegal under the consumer credit act and following on from that, is not enforcable.
Would anyone more informed in this space be able to advise, please?
Many Thanks
Onions
Would welcome any advice on this.
I am in the final throws of a house move and have requested a redemption statement from my mortgage provider. They have demanded a payment of £25 to release this information to my conveyancers. I have never before requested a statement or redemption figrue, so this is the first instance.
My understanding was that under the consumer credit act, section 97, the creditor is obliged to provide to the debtor upon request "a statement in the prescribed form indicating, according to the information to which it is practicable for him to refer, the amount of the payment required to discharge the debtor’s indebtedness under the agreement" and that where the debt is secured on land that this must be provided in writing. There is no reference to any charge for this
So I am thinking that a charge is therefore illegal under the consumer credit act and following on from that, is not enforcable.
Would anyone more informed in this space be able to advise, please?
Many Thanks
Onions
0
Comments
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My solicitor is charging me £10.00. I rang my mortgage company and they sent me my redemption statement for free. I will send it to my solicitor not sure if they will use it. can only try.0
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Hi,
Would welcome any advice on this.
I am in the final throws of a house move and have requested a redemption statement from my mortgage provider. They have demanded a payment of £25 to release this information to my conveyancers. I have never before requested a statement or redemption figrue, so this is the first instance
You may not have requested one but your solicitor may have at the start of the transaction to confirm that you were not negative equity.
A fair few lenders charge for subsequent redemption statements if in a certain time period, this usually gets added on to the final redemption amount.
Is there any reason you've asked for it directly, if you just wanted a rough idea for example then its best to ask your solicitor what the figure is they hold on file.0
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