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Solicitors mistake or mine?
Comments
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Am I missing something here? Internal transfer of mortgage from Nationwide to Nationwide? Why were any solicitors involved in a first place? What for?0
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I suspect it was a purchase.Mortgage_Adviser wrote: »Am I missing something here? Internal transfer of mortgage from Nationwide to Nationwide? Why were any solicitors involved in a first place? What for?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 -
Mortgage_Adviser wrote: »Am I missing something here? Internal transfer of mortgage from Nationwide to Nationwide? Why were any solicitors involved in a first place? What for?
The key point in the original text:
After complaining to the solicitors they have put the blame on me for failing to tell the solicitors I wasn't porting my old mortgage
It sounds like the OP may have stayed with Nationwide but ditched the old product, in favour of a new one, on sale and purchase, rather than porting.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
The key point in the original text:
After complaining to the solicitors they have put the blame on me for failing to tell the solicitors I wasn't porting my old mortgage
It sounds like the OP may have stayed with Nationwide but ditched the old product, in favour of a new one, on sale and purchase, rather than porting.
Wouldnt that be a fairly unusual scenario in the scheme of things? i.e. wouldn't the more typical scenario be that the existing mortgage is ported with any increase in borrowing being done on a new sub account with terms specific to that sub-account? So, no ERC.
The fact it was not typical and the solicitors were not explictly told, may be what led to the mistake.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Normally the lender, Nationwide would send the solicitor a redemption statement which would normally have any ERC on it. The solicitor would not be aware of what product you were taking out and whether there should be penalties. Yes if you had told the solicitor he may well then have queried it with Nationwide. Did you not have a rough idea what it should be and notice completion statement showed a lower than expected redemption figure?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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