Solicitors Error with completion Statement

kingstreet

Was the cashback paid to the solicitor with the mortgage funds? Was it accounted for in the completion statement?

davidmcn

jimbog wrote: »

In any event the solicitors statement probably has E&OE stated on it somewhere

It doesn't really need to. The statement isn't agreeing the price of anything - you already ought to know how much you're paying for the house, how big the mortgage is, what the lender's fees are, what the solicitors' fees are. The statement is merely an attempt to balance the books as at the completion date. They won't always get it right - there can be last-minute surprises.

It's also the case that lenders are often less than clear in the information they provide solicitors about how mortgage fees, cashbacks, etc are being dealt with, and they all work in different ways. So the net amount received from the lender can sometimes be a surprise to the solicitor, even if it's only something like a £40 CHAPS fee which has been deducted.

As mentioned above, the solicitors can't pocket the difference if there is a surplus due to the client, so the converse also ought to apply.

Will they accept payment in instalments? Well, probably, as long as it isn't ridiculous. If they owed you £995, how long would you give them to pay you back?

AnotherJoe

There have been similar posted here before. I know in one case they got a discount as it was the solicitors error but end of the day its clear you owe the money.
OP, would you be quite happy to suck up the £995 if it had been the other way round ?
Everything else, Christmas, what you spent the money on blah blah blah is irrelevant although it should perhaps be concerning to you you've spent every penny you have leaving nothing for contingency, which is not a good idea when moving into a new (to you) house

Thrugelmir

stokeingy wrote: »

As for knowing i was £995 short, not really i made my calculations as a layman they responded with a different figure so reasonably i concluded i was wrong and they were right.

You knew that the product had a £995 product fee. If you weren't adding this to the mortgage. Had did you intend to pay this? Did you think that the lender had overseen this fact and you had got away without being charged. Obviously what happened is that less funds were transferred from the lender than expected. Resulting in a shortfall in the solicitors clients funds account.

Smi1er

I find it funny that OP is trying to justify the fact it's not their fault.

I wonder if OP would be here ranting and raving if solicitor owed them £995?

Ignore them at your risk. Yes it was their fault, but the bottomline is any small claims court will agree you owe the money. If you want a CCJ against you then carry on as you are.

G_M

Smi1er wrote: »

I find it funny that OP is trying to justify the fact it's not their fault.

I wonder if OP would be here ranting and raving if solicitor owed them £995?

'course he would!

steampowered

So you knew (or at least suspected) that the second completion statement was £995 short? And you still spent it, without querying the statement?

I see that as irresponsible to be honest. It is not a good idea to be living at the edge of your finances without any savings.

This is a payment which is owed to Lloyds TSB. Not something which goes into the solicitor's pockets.

Presumably you decided to pay the fee in cash rather than adding it to your mortgage? Pay up and think of it as overpaying your mortgage.

ThePants999

stokeingy wrote: »

why would i have kept the £995 by "just in case"

Because you're a homeowner now, and being responsible for your own roof/boiler/plumbing/electrics/drainage/etc without having a "just in case" fund is not particularly wise...

stokeingy

ok so the 995 arrangement fee fro tsb was included in the mortgage thats where the probem is, the solicitors expected to receive 207995 when they actually got 207000. i a not trying to get out of the payment i can see that it was owed.

judging me that i knew the figures were 995 is harsh. never been through a mortgage before. i sent them a mail on receipt of the first incorrect statement with my calculation. they sent another statement out with a different amount i assumed i was wrong as i dont know how this works. turns out i was right. so they cause the problem not me.

as fr keeping the 995 aside £just in case" how long do you do that for then ? 12 months??? get real. i just never expected an error and for it to take 4/5 weeks to come up and for them to tell me.

fyi those asking the deposit was 23k, the sol fees and search fees etc were included on the statement the issue was they expected to get the 995 arrangement fee that they were never getting. i did not know how this worked.

ideal solution they take a monthly payment plan to get this sorted.

came on here for a little advice not to get judged and slated etc. thanks to those who did provide advice.

ThePants999

stokeingy wrote: »

as fr keeping the 995 aside £just in case" how long do you do that for then ? 12 months??? get real.

Permanently. Not this £995 specifically, but an amount that will see you through most home-related emergencies, like a packed-up boiler or a roof leak. I would recommend MORE than £995.