We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Redemption of Mortgage

Neil_Reid
Neil_Reid Posts: 3 Newbie
in Mortgages & endowments
Hi, I am able to redeem my mortgage on a leasehold apartment but I have to use a solicitor to make the payment, the quotation is £1132, is this fair, necessary or is there a better deal available? My mortgage payment is only £72 a month and I have 2 years left and £20k to pay off. (Interest only).....I feel it’s hardly worth paying it off at that cost! Any suggestions? Thanks in advance

Comments

  • MovingForwards
    MovingForwards Posts: 17,161 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    Have you phoned a few solicitors for quotes? Where abouts in the UK are you as prices will be different in London compared to Yorkshire.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Why do you have to use a solicitor? Redemption is normally just you making a payment to the lender to clear the mortgage balance.
  • Neil_Reid
    Neil_Reid Posts: 3 Newbie
    The lenders email to me stated I have to use a solicitor due to money laundering regulations and payment can only be made through a solicitor which is understandable I guess but the fees are so high
  • Neil_Reid
    Neil_Reid Posts: 3 Newbie
    Hi there, yes phoned a few solicitor but the average is around £1,000! I’m in Cardiff
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Neil_Reid wrote: »
    The lenders email to me stated I have to use a solicitor due to money laundering regulations
    Weird. Which lender is this? Not sure they are actually allowed to make such a stipulation - is it in the t's and c's of your account?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.8K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.2K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture