Mortgage Redemption

Curly_Wurly

Hello,

Wonder if anyone can help me. I moved house last Friday (6th November) and spoke to my solicitor today to understand what the final settlement figure was. During this discussion he told me that he was yet to pay the mortgage for the house I sold because he was waiting for the cheque to clear from our buyers solicitor.

Is this typical when you move house? My issue is that i will have incurred interest on mortgage post moving out. I was under the impression that the solicitor redeemed your mortgage on the day you moved.

Thanks in advance

CW

libf

Usually you would expect the balance to be paid via CHAPS... I'd be interested to know what would happen if the cheque failed to clear!!!

dodgybob

We sold in August on a Friday, I had a call to say the solicitor had the funds and gave over the keys, however we then had a mortgage payment taken on the Monday (since returned) as the money didn't clear with the bank until the Monday, but 3 days later and a cheque in your case? That seems ridiculous - someone has the money from your sale sitting in their account making them a nice bit of interest.

The part of the sale proceeds remaining was then paid to me by cheque as I didn't want to pay the CHAPS fee of £30, it them took 10 days to clear into my account as I bank with smile and had to pay it in at the post office. if I'm ever in this position again, I'm paying for CHAPS!

Were you offered different payment options?

amnblog

Someone is having you on Curly.

You can't sell until mortgage debts are cleared, unless your Solicitor is incompetent, crooked, or both.