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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: 17,165 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.
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