Redemption Statement

Ballymoney

Due to complete my remortgage on 30/09 but the solicitors dealing with it have yet to receive the redemption statement from my existing lender (HSBC).

Is this normal to leave it so late for the redemption statement to arrive? 

And is there anything I can do to hurry HSBC along to make sure there are no delays?

ACG

You can call HSBC, no guarantee that the department will speak to you though, it seems to vary from lender to lender or chase the solicitors. 

Ballymoney

Thanks. The legal team have chased HSBC but no luck yet. Just wasn’t sure if it’s normal practice to get the redemption statement so close to completion.

I’ve just emailed them a redemption statement that I’ve been able to get via my online banking but not sure if that’ll do the job.

Giammy85

same boat here! Solicitor says that has requested a redemption statement to HSBC since 5th September and chased that twice but still nothing. I called the HSBC mortgages customer service line and I was told that solicitor can get a redemption in real time by calling 03706007722. I called this number and was told that they cannot discuss the case with me and the solicitor should call them, but confirm that they aim to provide a statement within 2 days.
My solicitor promised to call HSBC, even if he said that they have already a service level agreement in place and they don't normally call banks given that they process hundreds of remortgages every day.
Solicitor says that they cannot accept copy of the redemption statement I can get from online banking - it needs to be addressed to them :S
Don't know who is at fault yet, but I prospect having to call them again and again to obtain completion on 30/9. If not done by then, I will need to log a formal complaint to HSBC and Lloyds for the financial loss of having to pay a variable rate after 30/9

Ana75

And me - except I'm due to complete on Monday so would be very interested to hear how things go tomorrow for everyone.

I've sent the solicitors the online banking redemption statement (I offered and they said yes). Separately I found these instructions from HSBC for conveyancers: I don't understand all of it but maybe it means there's another way around the problem (sorry, not allowed to post links):

Redemption figures

To avoid duplication, please do not send multiple requests for redemption statements unless completion is imminent (within 2 working days).

If you have previously received a redemption quote, you can use the daily rate of interest from this statement to calculate the full repayment amount up to the day before your customer is due to make a payment. If it is too late to stop the monthly payment, we will automatically return the payment to your customer within 4 working days.

If you have already requested a redemption quote for completion within the next 2 working days, we will honour this even if you receive it after the days cut off for processing, providing the settlement funds are received the following working day.

UK Finance Mortgage Lenders Handbook Part 2 S17 contact point for redemption statements has been updated as follows for all Jurisdictions:

Only submit a request for a redemption statement using one method, if submitting by fax, a hard copy by post is not required.

Ballymoney

Our conveyancers now have the redemption statement from HSBC. Good luck to everyone with upcoming completion dates, It’s a nerve racking time for sure!

Giammy85

HSBC today claimed that it got delayed because the Lloyds' solicitors gave an incorrect property address, but now that the address is confirmed they can send it within two days. The Lloyds' solicitors denied that and confirmed there were not approached to confirm the address - so it was an excuse, plus they warned that for other HSBC mortgages they are providing a statement in over 10 days.
They also said that they cannot complete tomorrow because, first they need to get this statement addressed to them and only then they can ask Lloyds to issue the monies - I asked this earlier in an email but they ignored this question, so may need to log a complaint also with them

Ana75

I'm told everything is on track for Monday and had (and paid) my completion statement, so hopefully either the redemption statement I downloaded was good enough or HSBC came through with the one the solicitors requested. I won't be comfortable till it's all done and dusted though.

I don't really understand why you can get a redemption statement through online banking instantly but it takes weeks for conveyancers to receive the same thing. Banks move in mysterious ways sometimes.

Giammy85

HSBC told me that they "posted" a redemption statement to the Lloyds' solicitors last Thursday, when on Thursday they told me that it was not done yet (apparently they update the file with delay). Do you know how long a HSBC redemption statement is valid for? What if in the meantime the fixed rate expires and the variable kicks in? Do they honour the fixed rate for some days or do they report a Daily rate of interest till expiration date and another Daily rate of interest for the period after that date?

Ana75

I'd have thought there's an assumed completion date on the redemption statement and it will be valid until then - I had to stipulate one when I requested mine. Presumably it's good until then, and thereafter I don't know if the notes above that I found online shed any light.

It looks like my mortgage completed OK yesterday, though I never trust these things until I have all the paperwork.

kingstreet

Ana75 said:

I'd have thought there's an assumed completion date on the redemption statement and it will be valid until then - I had to stipulate one when I requested mine. Presumably it's good until then, and thereafter I don't know if the notes above that I found online shed any light.

It looks like my mortgage completed OK yesterday, though I never trust these things until I have all the paperwork.

Assumed redemption date and a daily rate to increase the redemption figure just in case the date slips by a few days.