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Confusion over completion & redemption statements

emma_spaghetti
emma_spaghetti Posts: 68 Forumite
edited 17 December 2018 at 9:55PM in Mortgages & endowments
Hi

Can anyone help me please - does our solicitor owe us money for our remortgage, and if so how much?

On completion they made a £3 payment to us, which I don't understand and haven't replied to me in terms of discrepancies between our redemption and completion statements.

https://ibb.co/YypWGGj - redemption statement
https://ibb.co/M7L39cH - completion statement
We made a payment of £315.17 before completion.

The mortgage applied for was £90k.

Comments

  • enthusiasticsaver
    enthusiasticsaver Posts: 16,249 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    A redemption statement is the amount needed to repay existing mortgage.

    Completion statement shows all ins and outs so includes solicitor fees, searches as well as new mortgage in and redemption figure for old mortgage. Not sure where the £3 comes from on those statements.
    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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  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Did you send them money at some point? The completion statement is showing a debit balance due by you.
  • emma_spaghetti
    emma_spaghetti Posts: 68 Forumite
    davidmcn wrote: »
    Did you send them money at some point? The completion statement is showing a debit balance due by you.

    Hello, yes we made a payment of £315.37 prior to completion.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I guess they spent £3 less than anticipated on searches / office copy entries. So you get it back. What makes you think they might owe you anything else?
  • emma_spaghetti
    emma_spaghetti Posts: 68 Forumite
    davidmcn wrote: »
    I guess they spent £3 less than anticipated on searches / office copy entries. So you get it back. What makes you think they might owe you anything else?

    I think I've confused myself! I knew we had applied for £90k, and saw the £89,818.51 on the redemption statement, which is what threw me I think.
  • enthusiasticsaver
    enthusiasticsaver Posts: 16,249 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Your existing mortgage was around £90k. Did you not apply for extra?
    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.
    Save £12k in 2026 Challenge £12000/£2000
    365 day 1p Challenge 2026 £667.95/£110
    Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
  • enthusiasticsaver
    enthusiasticsaver Posts: 16,249 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    It looks like they had to pay Yorkshire £89783 to repay existing mortgage and new mortgage was £89980.
    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.
    Save £12k in 2026 Challenge £12000/£2000
    365 day 1p Challenge 2026 £667.95/£110
    Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
This discussion has been closed.
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