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Solicitor retaining mortgage incentive to cover fees - Illegal?
Comments
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kingstreet wrote: »... or have you paid it all and the val fee and cashback are in excess and would be payable to you?
I've paid it all - this is an excess payble to me.0 -
Right.
So the completion monies are paid over to the vendor's solicitor today and on receipt the vendor's solicitor authorises key release.
Once completion has taken place, the cashback funds being held b y your solicitor will be released. If they are paid by BACS today, more than likely after 3.30, they may not arrive in your account until Thursday next week. You may have the option of paying around £35 for the funds to be sent instantly by CHAPs.
The only way you can have something different happen here is to speak to the solicitor.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Surely the amount the OP paid to the solicitors on Tuesday should have been reduced by the amount due back to them?0
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It could have been done like that. That's why I asked if he'd paid everything, rather than these amounts simply making up the balance.JimmyTheWig wrote: »Surely the amount the OP paid to the solicitors on Tuesday should have been reduced by the amount due back to them?
It's a bit odd, but TBH there's only the two parties to this, the OP and the solicitor so not much anyone else can do...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
OP, did you get a completion statement from the solicitors?
Did you get this before Tuesday?0 -
lifegoeson2013 wrote: »I've been paying for a house since Wednesday (via the mortgage) yet I don't have the keys.
No, you haven't.
Interest starts being accrued and you start paying your mortgage from completion, not from the minute your solicitor gets the funds.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
lifegoeson2013 wrote: »What I'm unhappy about is that they won't give it to me until 4 days later.
You complete on a Friday.
Two days that follow are the weekend.
On Monday office staff do all the finance work for Fridays activity. You won't be the only one.
Tuesday money is disbursed.
Dont see any undue delay in that.0
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