Redemption Certificate - Northern Rock

AnnieLou_2

Hi,

I'm hoping someone can help here!

Is it compulsory for the building society (in this case northen rock) to send you a redemption certificate on request?

My Boyfriend has just paid off his mortgage, but northern rock only sent a final figure to the solicitor, which was then paid. We now believe that they have over charged him, however as they won't send a redemption statement, we can't prove this. He's contacted them several times, but refuse to give any further information.

Thanks in advance.

:mad: :mad: :mad:

Noz

Can see any particular reason why they wouldn't send one - what reason do they give?

dwight-van-man

No reason at all why they can't send out a copy of the redemption certificate - it was his mortgage after all. Ring back & make a fuss.

If its an overcharge of a few hundred pounds, the reason might be because NR charge thier interest in advance, so when the case completes the borrower gets a letter through advising them of the amount of interest due from completion, up until the first full months payment is made by DD. In most cases, the customer doesn't make this payment and it is simply added on to the balance at redemption.

homer_j_3

cant your solicitor supply you with a copy? Surely they would of had a full redemption figure to check with you that you agreed that you were being charged correctly?

MarkyMarkD

Ditto to what homer says. I can't see why you are coming on here asking why NR won't send him a statement when the solicitor clearly has one and should give you one at the drop of a hat.

Or is there something dodgy going on between the OP's boyfriend and the solicitor, perhaps?

AnnieLou_2

Thank you for some of your replies, The solicitor does not have a copy of the redemption certificate, just a final figure. Hence why we are trying to get a copy from Northern Rock to get a complete breakdown of what he has actually paid for.

homer_j_3

but the final figure issued to the solicitor should be the redemption figure. It should include all the information as your solicitor would not know or be able to confirm that the figures are accurate.

Have you seen what the solicitor has?

MarkyMarkD

The solicitor is a negligent idiot if he has accepted a redemption figure from the lender without a redemption statement.

It's very easy for errors to be made on redemption statement - particularly where payments are in transit at around the time of redemption - and hence essential that the solicitor gets the statement AND checks with the borrower that it is the right amount.

warn82

NR will have sent a Redemption Statement to your Solicitor. They dont just give out final figures. Your Solicitor also wont redeem without having a Redemption Statement.

Call NR up and ask for a copy of your Redemption Statement in the post. I doubt the figure will be incorrect. It may be that you didnt pay fees at completion, or the initial interest? Or it could be the Discharge Fee or any Help With Costs/Early Repayment Charge.