Completion Statement wrong?

leew

Hi all,

We have completed our re mortgage and we got our completion statement and where it says mortgage advance it says £92,975.00 where's we agreed £93,000.00 with Tesco at the outset.

I know it's not a massive amount but why is it wrong or is it??

jackomdj

It could be a £25 fee. Best bet is to ask your solicitor.

Thrugelmir

Chaps fee for transferring funds?

leew

I asked for a cheque knowing there is a Chaps fee, where do I stand?

leew

Telegraphic fee is £30 so it isn't that.

Farmerbob

When Tesco send the funds to the solcitor they deduct £25 for the chaps fee. I think where you speak about asking for a cheque and/or the £30 Telegraphic Fee your referring to your solcitor who will sent any left over funds/addtional borrowing after redeeming your old mortgage to you and they are separate things

davidmcn

leew wrote: »

I asked for a cheque knowing there is a Chaps fee, where do I stand?

You stand in the position of someone who is getting muddled about the different transfers taking place. The lender will have sent the loan funds to the solicitor by CHAPS. That isn't negotiable.

If you want to know the fees which your lender charges, you can generally find these from the information you've already been sent by them, or if you can't find that then look at their website - here is Tesco's tariff of charges, and the first item explains where your £25 has gone.

leew

Yes you are correct regards the Chaps fee from Tesco for transferring the money to the Solicitor, what a money making racket that is!

Good job I asked for a cheque for the surplus otherwise there's another £30 down the pan!

kingstreet

On a large enough amount, the time it takes a cheque to arrive and clear would lose you more interest than avoiding the CHAPS fee would save.