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Solicitor delayed completion of mortgage - paying extra interest

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Jonboy1889
Jonboy1889 Posts: 168 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
edited 30 May 2022 at 5:07PM in Mortgages & endowments
I’m having a delay with my remortgage completion due to Optima legals system issues. Was supposed to complete 25th but solicitors delayed it to 27th (when the money was sent), but they didn’t ask Lloyds to send the cashback. So was delayed to today, but now they are having system issues so can’t see the cashback from Lloyds coming through.

Now completing tomorrow hopefully, but Lloyds have confirmed we are paying interest since the initial intended completion date. 

anyone had experience with getting refunded for additional interest due to solicitor delays?

Comments

  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Email or write to your solicitors.
    Optima Legal services ?
    Not Purple Bricks by any chance ?
  • izawa
    izawa Posts: 162 Forumite
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    I had my experience with Optima few years ago, got it for free from new mortgage company. They were awfully slow.
    I am relationship expert. Don't feel shy, say hello.
  • K_S
    K_S Posts: 6,877 Forumite
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    edited 31 May 2022 at 9:27PM
    @jonboy1889 Lender free legals? Once the remortgage is complete, might be worth putting in a formal complaint asking for them to pay you the amount that you are out of pocket due to their delays. I've done this in the past (with mixed success) for clients where lender free legals have delayed remortgages (unfortunately not uncommon with free legals) and cost them extra, usually due to the old mortgage falling on to SVR. 
    I’m having a delay with my remortgage completion due to Optima legals system issues. Was supposed to complete 25th but solicitors delayed it to 27th (when the money was sent), but they didn’t ask Lloyds to send the cashback. So was delayed to today, but now they are having system issues so can’t see the cashback from Lloyds coming through.

    Now completing tomorrow hopefully, but Lloyds have confirmed we are paying interest since the initial intended completion date. 

    anyone had experience with getting refunded for additional interest due to solicitor delays?

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • user1977
    user1977 Posts: 17,791 Forumite
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    A complaint to the bank, I take it, rather than Optima? Optima will be getting paid buttons by the bank (in line with the service standards accepted by the bank for "free" legals...) so aren't likely to be shelling out compensation themselves.
  • K_S
    K_S Posts: 6,877 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    user1977 said:
    A complaint to the bank, I take it, rather than Optima? Optima will be getting paid buttons by the bank (in line with the service standards accepted by the bank for "free" legals...) so aren't likely to be shelling out compensation themselves.
    @user1977 To the conveyancer, on behalf of the client, with a clear calculation showing the excess amount of interest paid. I can't recall whether I've complained to Optima, but definitely remember having done so successfully with Enact. It's almost always remortgages that are set up months before the fix ends and they still manage to delay completion with their ineptness, causing the client to fall on to SVR.

    As far as I am aware, there is no special dispensation from the lender towards the free legals provider for significant errors/delays that are clearly attributable to the provider and cost the client money.

    I can't say that every single free legal provider is trash, but where there is a choice of cashback or free-legals, I always steer the client towards using the cashback and engaging a fixed-fee (covered fully by the cashback, sometimes with a surplus for lenders like Nationwide that offer £500 cb) no-completion no-fee conveyancer. Generally speaking, they are usually easier to contact, chase and can often continue to be used even if the lender is changed prior to completion.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

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