Redemption figures and remortgaging

Jinxy01

I was wondering if you could advise?
I remortgaged for the first time in Jan 2011. I was looking through the paperwork and noticed that the redemption figure from Your Conveyancer was dated for Jan 2010. Should the redemption figure be closer to Jan 2011? If this is wrong what can I do about it? This is for a property in Scotland - just in case the laws are different.
Thanks

kingstreet

As this is four years ago, what are you trying to establish/achieve?

Jinxy01

I would like to establish whether the loan amount for remortgaging was correct. This was the first time I had ever remortgaged so I don't know when the redemption figure should be taken.

kingstreet

The solicitor obtains the redemption statement from the existing lender in advance of completion. It also has a daily rate so the amount can be adjusted in case completion ends up a few days later.

If the redemption figure is less than the funds from the new lender, the solicitor pays over to the borrower any residue.

If the redemption figure is higher, the borrower is asked to make up the difference so completion can take place.

Jinxy01

So it doesn't matter if it was taken a year prior to the remortgage? The figure will still be accurate?

kingstreet

If it really was a year old and it was a repayment mortgage, I'd expect it to be inaccurate.

Are you sure the date wasn't just a mistype? We can all type the previous year when we type the date in January. I know I've done it before...

Jinxy01

I've done that too, but I've had a look at the mortgage statements from the previous lender, which seems to only go up to March 2010 and the figure is quite close to the Jan 2010 figure.
The whole thing came about because I went for a life insurance quote last week and discovered the term left on the mortgage is 3 months more than the term left on my life insurance - even though the two were taken out together. There was a 3 month delay with the remortgage so that explains it. But it got me wondering if they started the new mortgage with the number of years we had originally asked and not subtracted the 3 months, then did the payments we made to the previous lender get taken off - or was the figure we asked for in Oct '10 the same too.
Does this make sense?

kingstreet

There's no way anyone on here can answer this.

You'll have to write to the previous lender and request details of the account upto the date of closure.

Jinxy01

Ok thanks for the advice

kingstreet

I'm not sure how the solicitor had a redemption statement from a year earlier?

It's more likely they had a newer one which was used for the settlement but they sent you the wrong one for your records following completion.

Like I said, only the lender is going to be able to give you the peace of mind you are seeking, so drop them a line.