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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: 16,197 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.
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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: 16,197 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Your existing mortgage was around £90k. Did you not apply for extra?
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  • enthusiasticsaver
    enthusiasticsaver Posts: 16,197 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.
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