I’m currently in the process of purchasing a new property and will be using £50k equity from my current property to pay the deposit on the new property.
I received the redemption figures from the solicitors for our current mortgage provider - we’ll be changing mortgage provider for the new property. The redemption fee is approx £70k. She solicitor has said that on occasion, banks ask for the redemption fee to be paid in full and then refund and they won’t use to money paid by the new buyers of our home to offset the cost. Thus meaning I may have to pay the £70k redemption fee plus £50k deposit and eventually be refunded the £70k redemption from Santander.
Has anyone experienced this? I assumed they would use the money from the new buyer of my property to offset the redemption and I would pay any balance to the solicitor for fees etc
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