Redemption charge

Thrugelmir

Firsttimebuyer1991 wrote: »

What exactly is this redemption charge? The estate agent never explains things in the best way and we so getting so frustrated now especially as this is nothing to do with us.

Whatever the issue. There's little point in getting wound up about it. As it's totally outside your control. In reality you'll never know the full story.

Firsttimebuyer1991

G_M your “additional” and unneeded comments were rude and pedantic.. I don’t know how you think speaking to anyone in that manner is acceptable.
A public forum is there for people to gain advice, I didn’t ask for rudeness and didn’t expect it. Your the only person I’ve had an issue with, JMAs reply was helpful.. I’m not going to show someone gratitude who is rude. So yes, please refrain.

Thank you everyone else.

RedFraggle

GM spends an awful lot of his time providing solid, factually correct advice.
He does not dress that up in sympathy but his response was not rude, it was factual and to the point.
It is a real shame when this is taken the wrong way.

KittenChops

RedFraggle wrote: »

GM spends an awful lot of his time providing solid, factually correct advice.
He does not dress that up in sympathy but his response was not rude, it was factual and to the point.
It is a real shame when this is taken the wrong way.

It's highly likely someone else will have the same question at some point in the future, so in that respect it's very helpful to have a full & complete answer.

need_an_answer

Firsttimebuyer1991 wrote: »

Theres no need to copy my post and write silly comments at the end of each thing that I said. That is very frustrating, you are clearly from this trade.. I am not so I came here for advice whilst frustrated with the situation.. your comments haven’t helped and all you needed to do was explain what I was asking or just not comment at all.

With respect GM is one of the most respected posters on mse housing boards.
He is known for his clear,consise and level responses.

I'm sorry you find copying your post and adding comments to the relevant sentences "silly"....a lot of posters find that approach helpful.

By the sheer token that you have entered a forum,you should expect comment...some of it will be what you want to hear,and other bits will not be as palatable.

Purchasing and indeed selling property can be draining,we've all been there but there is no need to take your frustrations out on those who do provide good advice free of charge and usually a lot quicker than your solicitor.

Of course you always have the option of speaking to your conveyancer/solicitor...afterall they are the the ones you are paying for their service

The redemption charge is indeed nothing you can influence and needs to be sorted out between the other parties.

Frustration isn't going to help

15th October is still an achievable completion date.

Exchange isn't a date that needs to be set in stone so to influence completion, there is still time to get it lined up by the date you need

MEM62

Firsttimebuyer1991 wrote: »

G_M your “additional” and unneeded comments were rude and pedantic.

G_M's comments could not be further from your description and your comment is unfair. The post was informative and addressed your questions. It is understandable that a house purchase can be stressful, particularly for a FTB, but there is no point in biting back at those who have helped you.

Tiglet2

If all parties are working towards 15th October for completion, then an up to date Redemption Statement is needed dated to 15th October. Some lenders send their statements within hours, others take days. Until the statement is received with exact figures for the solicitor to be able to send the correct amount to the lender from the sales proceeds, exchange will not happen.

I would also add that GM’s advice was spot on and the highlighted bits gave sound advice. You came on here as an inexperienced FTB looking for experienced people to advise you. That is exactly what you got. House buying is stressful and I see it every day in my job as a conveyancing paralegal, but there are proceses to be completed and no-one will exchange until all the processes are dealt with. Rather than get stressed about timescales, just let the process take its course. As a FTB you are only buying not buying and selling, so really no need to get this stressed over something out of your control.

Firsttimebuyer1991

To be quite honest I’m not too worried if you think my comment is unfair. I took offence to his response and if he’s respected or not I did not respect his reply, to me that was not helpful.

Again thank you to those who have provided helpful responses. I will not be replying anymore.

Flat_Eric

It is I suspect a redemption statement as others have said. It's needed because the sellers solicitors give your solicitor a promise ( known as an undertaking) to repay the mortgage amount the seller owes. It's unlikely they will exchange without this statement because they need to be sure had enough sale monies to pay off the mortgage

Flat_Eric

It is I suspect a redemption statement as others have said. It's needed because the sellers solicitors give your solicitor a promise ( known as an undertaking) to repay the mortgage amount the seller owes. It's unlikely they will exchange without this statement because they need to be sure the seller has enough sale monies to pay off the mortgage