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What's left after fees etc
Comments
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Natwest, which is also how they explained it.
I've asked my solicitor repeatedly for a statement & am yet to receive one. We complete on the 4th & I need to know ASAP what's happening ��0 -
Glad it's not just me finding it confusing!
It is mostly you!
Others agree on circa £14kAm I wrong in thinking that the current mortgage won't be deducted from the sale because we're just moving it over not repaying it?
So it'd work out that out of the 230 from the sale, we pay 70k deposit (140), then 5400 SD, 4000 agents fees & the balance of legals which is 500, so say 12k to be generous (leaving 128)?
230 - 70 does not equal 1400 -
Thanks for pointing out my idiocy. Really helpful.0
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If you aren't completing until 4th, they probably won't get an up to date redemption statement from NatWest until the day before. Only then can they add that final piece to the jigsaw of the draft completion statement.Natwest, which is also how they explained it.
I've asked my solicitor repeatedly for a statement & am yet to receive one. We complete on the 4th & I need to know ASAP what's happening ��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 -
So effectively we won't know until we've moved?
I'm sure last time we had draft statements at least 2 weeks prior to completion.
My solicitors haven't even asked us to confirm our account details for any excess to be paid back to us.
Eurgh, this is far too stressful & confusing for a Saturday morning.0 -
I can say with some certainty that you will not have circa of 128k paid into your bank account once you complete to do what you want with. And it will be more around the 14k mark
We ported our morgage on the property we live in now and it definitely worked out the way Kingstreet explained.
The way I see it you will always have to pay back the money you own on the current property to relinquish the charge on the land registry and the. Essentially re borrow that money from the lender for your new 308k property regardless of whether you are keeping the same lender or not.
The benefit of porting is keeping your current rate rate and the fact that as you are porting you won't have to pay any release fees for a morgage0 -
Thanks Charlamine.
I wish the banks explained it in those terms as well!0 -
Top corner!charlamine wrote: »I can say with some certainty that you will not have circa of 128k paid into your bank account once you complete to do what you want with. And it will be more around the 14k mark
We ported our morgage on the property we live in now and it definitely worked out the way Kingstreet explained.
The way I see it you will always have to pay back the money you own on the current property to relinquish the charge on the land registry and the. Essentially re borrow that money from the lender for your new 308k property regardless of whether you are keeping the same lender or not.
The benefit of porting is keeping your current rate rate and the fact that as you are porting you won't have to pay any release fees for a morgageI 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
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