Solicitors redemption blunder means an extra bill

bowlhead99

AylesburyDuck wrote: »

If it's money you owe, then it's money you owe. Obviously had this not been highlighted at the soonest and it became "money you owed+interest because they cocked up" then you could ask them to cough up the interest but nothing more, but it isnt.
Sorry, but it's not like they cost you money for their error, the money was always due to be paid, so you have no leg to stand on i'm afraid.

Exactly. The thread title could really be "my solicitor accidentally told me that my debt to the mortgage company was lower than what it really was, so I didn't give them very much money to pay it off, does this get me off having to pay the rest of my mortgage?" - and the answer should be pretty clear.



You owe the lender some money based on the combination of how much you borrowed for how long and at what interest rate, less how much you have paid off so far. It turns out that what you have paid so far isn't enough to clear your debt. The solicitor was helping you arrange to pay YOUR debt but made a mistake, so YOUR debt still exists because YOU haven't paid enough off it.



The solicitor is only assisting you to settle YOUR debt by running the final payments through their client money account and the debt isn't magically going to become theirs to settle from their own pocket because they weren't the one who had the benefit of owning a mortgaged property using borrowed funds



Your business analogy does not really work as they are not saying we will loan you £x hundred thousand pounds for x years and you can pay us £50000 of interest for the privilege , and then later telling you ooops, we meant £50700. The interest and principal of your mortgage reallly did cost what it said it would cost on the contract you signed when initially taking the borrowing, it's just that somebody misread it and thought you had already paid the full amount back, when you hadn't.

parkrunner

doozeruk wrote: »

Hi everyone

We successfully completed a remortgage last Monday and are very happy to have a little more money and less monthly payments, great result.

What is not a good result though is when 3 days later we receive a letter from our old mortgage company explaining a downfall of over £700 in our redemption payment now needs paying up!

Today out solicitors admitted that they had made an admin error and with a nice apology they would like us to pay the monies to cover the mistake they made. Had we recieved information of the afore mentioned monies being due at the time or indeed before the completion I would not have a problem paying up as obviously this would be something I would be expecting. We received no pre completion documentation and indeed if it hadn't been for me calling the day before completion I would not have had a redemption figure at all. The redemption figure they sent me the day before was the statement with the £700 shortfall.

So as the solicitor is clearly, and readily admits they are to blame for this mistake, and without us acquiring any documentation to show otherwise, are we still really liable to pay this amount?

Thanks in advance.

Yes, it's your debt, nobody else's.

doozeruk

UPDATE....after being stubborn and proving a point of how incompetent a professional body can be, I am happy to report that the solicitors involved agreed to pay 30% of the outstanding monies.

Perseverance in this case definitely paid off.

ashe

kirtondm wrote: »

What I dont get is why you had not worked out the figure yourself? To be £1100 of expectations is signficant.

when moveing we have always had an idea to the nearest £100 where we should be?

So its not costing yor more it is the correct amount you just had not estimated it correctly yourself?

This. At all times we had a spreadsheet which we regularly updated to track money coming in and money coming out, in the end it was exact.