remortgage problem

notwithit??

can anyone give us some advice??

our fixed rate with the chelsea finished on the 30jun, we remortgaged with the woolwich and all the papers signed etc to complete on the 31jul. our soliciters explained that as it was a monthly interest charge with the chelsea, that we will have been charged interest for jul so it was financially beneficial to complete at the end of jul!

today i emailed the soliciters to find out if everything was ok as the money had not apppeared on our statement and they replied that unfortunatly they didnt complete as the chelsea has not given them a settlement figure, so now we have to wait till the end of august.

how can this be?? our mortgage payment has gone up a hell of a lot as we were on a low fixed rate.
shouldnt the solicitor have all this sorted out as weve had this sorted now for almost two months.

im really confused, any advice would be appreciated,
thanks

MarkyMarkD

It sounds very much like your solicitors have messed up. Given that they initially chose 31 July for the completion date, they should have got a settlement figure for that date well in advance.

If you want to pursue a claim against your solicitors, you need to get them to demonstrate to you when they requested a settlement figure from Chelsea and when they chased it up.

If you used a mortgage adviser, they should also have been chasing this up for you to ensure everything went through when you wanted.

notwithit??

thanks for that,:beer:
i thought it was something that normally happens as they keep saying its beyond their control, i have emailed them to ask ,when they asked and chased up the settlement figure (i cant get them on the phone)

but what do you mean persue a claim? can i ask them for my fees back?

MarkyMarkD

No.

You can ask them to repay the extra costs you have incurred - i.e. the difference in rate between your old mortgage and the one you should now be on.

homer_j_3

I would call the chelsea first and ask them to advise you when the solicitors letter was received for the request of a settlement figure.

I would also look at your early redemption fees and look at the cost savings and see what the difference is. I would then tell them to complete now and pay the difference for not having sufficents practices/protocols in place to ensure that this figure was not requested for completion at least 48hrs before the anticipated time to complete.

notwithit??

thank you so much for the help.

well i rang the chelsea and they said that they were only contacted on the 1st aug and sent the figure by fax.

this morning we recieved the paperwork from the woolwich to say our mortgage was completed and they enclosed the cashback cheque. they also gave the date of our first payment which is on the 16 aug.

i then rang our solicitors.... they said they contacted the chelsea many times and gave me the dates etc.. when i q it they blamed lack of communication between different dept.s? they said the monies would be returned to the woolwich and we will complete on the 30 aug as previously stated.
they also said it happens all the time with monthly interest lenders.

i didnt read the replies on here till just now so is it the solicitors or the chelsea that i should ask to pay the difference homer j??

MarkyMarkD

If the first time your solicitors asked for the settlement figure for 31 July was 1 August, your solicitors are clearly 1000% at fault.

In which case, you should be asking your solicitors to pay the difference in interest for the month of July.

If your solicitors can prove that they requested the settlement figure, made up to 31 July, in good time but Chelsea didn't provide it, that's a different matter. But it sounds a lot more like the solicitors' fault to me at this stage. It would take a lender about 1 minute to produce an accurate redemption settlement figure, so there's no reason why Chelsea would have delayed it.

homer_j_3

I agree with MarkyMarkD - Sounds like your solicitor. Also - who stands the cost of sending the money and it being returned and then being sent again with the woolwich?

I would be basically asking" On the day you were requesting the funds from the woolwich, why didn't you endeavour to have a valid redemption statement." I presume they would have had the funds in their account for at least 24 hours. I would ask to speak to partner of the firm and not accept that the chelsea are at fault.

If the redemption figure is a monthly based figure them surely the figure would be the same had they had the redemption figure on the 1st of July. That gave them a whole 31 days to get that figure - some lenders will take 24hrs to 5 days to get. Plenty of time.

It is not acceptable for the solicitor to turn around and say that we have missed your redemption date for the reasons you have been given!

MarkyMarkD

The redemption figure would have changed between 1 July and 31 July due to a payment being made, probably. But that amount would have been very easily predicted - or the solicitor could simply have asked the borrower.

homer_j_3

or paid and got a refund.

notwithit??

hey guys!!

youve been a great help and i probably wouldnt have done this without it so thank you!!

we recieved an email today from the solicitors, basically they are sticking to their story, but as a " goodwill gesture" they will pay us the difference between the july and aug payments should the mortgage have completed on the correct dates so RESULT!

we will now complete on the 31 aug (all being well) and we will recieve the difference then.

cheers

clare,