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Any way around ridiculous redemption fee?
insx
Posts: 17 Forumite
Hi Folks
We have sold our home and we are looking for a new one. We have a main mortgage plus 2 further advances with Nationwide. Effectively, we have 3 mortgage accounts to be settled. It looks like our solicitors will be expecting £130 + VAT x 3. I don't want to spend the best part of £500 for half an hour's work. Is there any way around it? The money will all be tied up in the sale and it's not the kind of money I can raise any other way.
Cheers
We have sold our home and we are looking for a new one. We have a main mortgage plus 2 further advances with Nationwide. Effectively, we have 3 mortgage accounts to be settled. It looks like our solicitors will be expecting £130 + VAT x 3. I don't want to spend the best part of £500 for half an hour's work. Is there any way around it? The money will all be tied up in the sale and it's not the kind of money I can raise any other way.
Cheers
0
Comments
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Negotiate with your solicitor? But if you signed up to them knowing their fees then I don't rate your chances...0
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The redemption fees will be from Nationwide, not the solicitor.
Read the terms of the mortgage agreements/loans you signed up to.
Are these standard redemption fees or early redemption fees?
If you sign up to multiple contracts I'm afraid each one will have conditions attached to it.
If you want to negotiate with anyone for a goodwill reduction in the fees, negotiate with N/W.0 -
Nationwide's redemption fee is £65. Unless the mortgage is from before about 2005...0
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I don't think our mortgage accounts have a redemption fee, this is the fee for the solicitor to acquire the redemption figure, get the money from the sale and settle the mortgage accounts, etc. There is some light at the end of the tunnel as the solicitor says that Nationwide will probably just provide one figure to redeem all three. Nothing is certain though.0
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