Delayed completion date problems

TheYorkshireman

Hi, I recently remortgaged, transfering from my old lender to a new one. The new lender was paying the legal fees, and I used their conveyancer to keep things simple.

Despite me doing things well in advance, the completion date was delayed by one day. The conveyancer said that was because the new lender did not release the money in time to transfer it to the old lender the same day. The new lender says that was because the conveyancer did not request it in time, and my new mortgage account incurred a additional charge to pay for a CHAPS transfer to rush the money through the same day, something they would not otherwise have had to do.

The issue is that the new mortgage started the day the new lender released the money, charging interest from then, but the old mortgage did not finish until the next day, so contuing to charge interest, now at a very high standard variable rate. So whilst I was paying interest on the same money to two lenders at once, the conveyancer was earning interest on that money sat in their bank account. Is this normal?

The amounts are not huge, but am I reasonable to expect not to have to pay two lots of interest, and extra charges to my mortgage account, for delays caused by either my new lender or their appointed conveyancer?

Thank you for any constructive comments.

kingstreet

If a conveyancer earns more than £20 interest, it's passed on to the client.

For one day, I suspect it won't be that much unless the mortgage is very large.

TheYorkshireman

Thank you. The extra day's interest I had to pay my old lender at their SVR is more than that. It is of course within their rights to charge because they hadn't received their money. But the new lender is saying that the delay was because the conveyancer didn't request the money until late on the day of completion, when they'd had 2 or 3 months to get themselves organised. Am I right to feel somebody else should be paying for this?

kingstreet

Sometimes these things happen.

The rate the solicitor earns on their client account, if anything, will be lot lower than your standard mortgage rate.

Either way, all you can do is make a complaint if you are unhappy with the situation.