Solicitor paid mess way less than expected after house sale

poohjj

Hello guys,

my solicitor paid me way less than expected after my house sale.

today I completed on the sale of my shared ownership property and my solicitor sent my pay it straight away and it’s WAY less than it should be.

I was supposed to receive around 10k and I received around 2k. This is absolutely crazy and I’m confused why this would be?

The annoying thing is the solicitors office is closed now and it’s a long Easter holiday so i won’t find out for a while. This anxiety is killing me.

Has anyone had a similar suituation to this? Please let me know.

Hoenir

Impossible to comment without sight of anything. Your solicitor's office needs to prepare the completion statement which will detail everything. 

poohjj

@Hoenir fair enough I understand. Just so confused why it’s so low. It’s really bugging me.

thanks for your help

user1977

The usual chunky "surprise" thing would be an early redemption penalty on your mortgage - have you seen a redemption statement for your mortgage and was that the amount you expected to repay?

poohjj

@user1977 thanks for the reply. I was actually out of the fixed term contract. I have the redemption statement from mortgage. I subtracted the redemption of the outstanding mortgage and the price of the house then subtracted the solicitors fees and I wa supposed to receive around 10k. I received 2k and I’m so confused.

propertyrental

I have no ideahow we can be expected to comment constructively without seeing the Completion Statement and being made aware of all the pertinant  facts.

All we can do is suggest that as soon as the solicitor opens you contact them for an explanation.

poohjj

@propertyrental thanks for your reply. The point of the post was to see if it happened to anyone else 

eddddy

poohjj said:

@user1977 thanks for the reply. I was actually out of the fixed term contract. I have the redemption statement from mortgage. I subtracted the redemption of the outstanding mortgage and the price of the house then subtracted the solicitors fees and I wa supposed to receive around 10k. I received 2k and I’m so confused.

A couple of other possibilities...

• Estate Agents fees
• Fees owing to your Housing Association / Management Company / Freeholder (e.g. Service Charges, Management pack fees, unpaid rent, etc)

poohjj

Hello @eddy thanks for replying.

does this happen? I assumed the housing association would have contacted me about outstanding service charge or rent before completion? Have you seen this happen before?

Thanks,
Samuel

Hoenir

When was the redemption statement for the mortgage account dated. Did it include interest for the month of March up until today? 

poohjj

eddddy said:

poohjj said:

@user1977 thanks for the reply. I was actually out of the fixed term contract. I have the redemption statement from mortgage. I subtracted the redemption of the outstanding mortgage and the price of the house then subtracted the solicitors fees and I wa supposed to receive around 10k. I received 2k and I’m so confused.

A couple of other possibilities...

• Estate Agents fees
• Fees owing to your Housing Association / Management Company / Freeholder (e.g. Service Charges, Management pack fees, unpaid rent, etc)

I always assumed the rent had to be paid up to date before you could complete?