Yorkshire Bank Home Loans Limited mortgage redemption

stressedcurlyz

Hiya,

Hope I'm ok to post this here.

Wondering if anyone has had any dealings with Yorkshire Bank Home Loans Limited.

I'm currently in the process of buying a vacant property.

The seller's solicitor is unable to exchange contracts as there is still a charge showing from this lender.

The seller says this was paid in June and has contacted the company and solicitor that dealt with the mortgage redemption at the time.

Our purchase is on hold until the seller's current solicitor gets the accurate redemption figure from Yorkshire Bank Home Loans Limited. Does anyone have any idea how long this will take? It's been a week already.

Thanks

kingstreet

If this has already been repaid, you are waiting for the lender to confirm the charge can be removed, not for a redemption figure. The latter would indicate the loan was not paid off as stated.

Timescale? I doubt anyone here could speculate with any degree of accuracy.

stressedcurlyz

Thank you.

The seller is saying it was repaid in June but it is still showing on the title deeds. Does the lender contact the land registry to remove the charge?

kingstreet

The lender would normally have a solicitor, or its own legal department inform Land Registry of the removal of the charge.

stressedcurlyz

Thank you again.
Do you know if there would be any reasons why this wasn't done in June or is this a normal time delay?

Land_Registry

If it was simply a discharge then it probably should have been done by now
Contact us with the title number and we can check and advise

Most lenders deal direct with us and a number will do this electronically to speed things up

kingstreet

TBH we're seeing more and more occasions where lenders aren't completing their responsibilities when loans are discharged. In some cases, it seems it only gets done when someone rattles the lender's cage a bit as they suddenly need to move quickly.

stressedcurlyz

Land_Registry_representative wrote: »

If it was simply a discharge then it probably should have been done by now
Contact us with the title number and we can check and advise

Most lenders deal direct with us and a number will do this electronically to speed things up

I have followed the link and contacted you with the title number.
Many thanks

stressedcurlyz

kingstreet wrote: »

TBH we're seeing more and more occasions where lenders aren't completing their responsibilities when loans are discharged. In some cases, it seems it only gets done when someone rattles the lender's cage a bit as they suddenly need to move quickly.

Thank you for your help. Hopefully it will be resolved quickly.

Land_Registry

stressedcurlyz wrote: »

I have followed the link and contacted you with the title number.
Many thanks

Picked it up and can see that the application to remove the charge was in fact only lodged today - may seem coincidental but no previous record of any earlier application.

I suspect the delay has been due to the redemption issue you mentioned in the orig post.

As it is just a discharge then it should be completed fairly swiftly. You will get an email response to your enquiry as well.

stressedcurlyz

Ah, thank you so much for your help and quick response.