Solicitor messed up my remortgage completion date, advice?
Discussion
My remortgage was approved back in October and part of the deal was the solicitor fees would be paid for, Nice!
I wanted everything to go through on the 1st of January, which i guess is not ideal being a bank holiday but that's when my current fixed rate ends. My assumption was they would sort everything just before Christmas and that would be that.
Calling them today (after multiple emails before Christmas) asking what's happening they don't believe it will go through until the 4th of January.
This means i'll be paying the variable rate from my current provider on the 1st.
If my new mortgage went through on the 4th would i also be paying that repayment on top of the one to my current provider in the same month? I've asked for payments to be taken out on the 1st. Or should i hold off until the 1st February for my new mortgage to kick in?
Hopefully that makes sense.
I wanted everything to go through on the 1st of January, which i guess is not ideal being a bank holiday but that's when my current fixed rate ends. My assumption was they would sort everything just before Christmas and that would be that.
Calling them today (after multiple emails before Christmas) asking what's happening they don't believe it will go through until the 4th of January.
This means i'll be paying the variable rate from my current provider on the 1st.
If my new mortgage went through on the 4th would i also be paying that repayment on top of the one to my current provider in the same month? I've asked for payments to be taken out on the 1st. Or should i hold off until the 1st February for my new mortgage to kick in?
Hopefully that makes sense.
_Rich_ said:
My remortgage was approved back in October and part of the deal was the solicitor fees would be paid for, Nice!
I wanted everything to go through on the 1st of January, which i guess is not ideal being a bank holiday but that's when my current fixed rate ends. My assumption was they would sort everything just before Christmas and that would be that.
Calling them today (after multiple emails before Christmas) asking what's happening they don't believe it will go through until the 4th of January.
This means i'll be paying the variable rate from my current provider on the 1st.
If my new mortgage went through on the 4th would i also be paying that repayment on top of the one to my current provider in the same month? I've asked for payments to be taken out on the 1st. Or should i hold off until the 1st February for my new mortgage to kick in?
Hopefully that makes sense.
So am i right in thinking your main issues areI wanted everything to go through on the 1st of January, which i guess is not ideal being a bank holiday but that's when my current fixed rate ends. My assumption was they would sort everything just before Christmas and that would be that.
Calling them today (after multiple emails before Christmas) asking what's happening they don't believe it will go through until the 4th of January.
This means i'll be paying the variable rate from my current provider on the 1st.
If my new mortgage went through on the 4th would i also be paying that repayment on top of the one to my current provider in the same month? I've asked for payments to be taken out on the 1st. Or should i hold off until the 1st February for my new mortgage to kick in?
Hopefully that makes sense.
1. In January you'll be paying the higher SVR with your current provider instead of the discounted rate you were going to get with the remortgage?
2. You'll potentially have TWO payments going out in January instead of one?
In relation to (1) what's the extra cost that you will suffer? If it's significant then the right approach is to complain via your Solicitors complaints policy and then, when that doesn't work, take it to the SRA.
Re (2) I'm not sure if its worth bothering with tbh. Arguably it just means you'll be paying off your mortgage one month quicker. If it's going to cause you cashflow problems then, again, a complaint to the Solicitor and maybe ask the bank to defer one month's payment?
Maybe ask the mortgage provider ?
As it’s a replacement of the original mortgage it would seem odd to me to have to pay a full month on the 01st and then another full month ( for the same month ie January ) a few days later.
Perhaps the remortgage payment starts on the 04th Feb ie as it would do with the original mortage ie 1 month after completion ?
As it’s a replacement of the original mortgage it would seem odd to me to have to pay a full month on the 01st and then another full month ( for the same month ie January ) a few days later.
Perhaps the remortgage payment starts on the 04th Feb ie as it would do with the original mortage ie 1 month after completion ?
This would always happen when the completion is set for 1st, nobody is there.
Your current mortgage is most likely a daily rate so you will only pay the variable rate for the 3 days extra. I would speak to the current lender and ask them if you pay in arrears or advance, it is likely that when the new mortgage completes you will be due a refund from the current lender.
The new mortgage lender will let you know when the new payment is due.
You could ask the solicitor to refund you the wasted 3 days.
Don’t forget that you are only worse off by the difference in interest between the new lender rate and the old lender variable rate.
Your current mortgage is most likely a daily rate so you will only pay the variable rate for the 3 days extra. I would speak to the current lender and ask them if you pay in arrears or advance, it is likely that when the new mortgage completes you will be due a refund from the current lender.
The new mortgage lender will let you know when the new payment is due.
You could ask the solicitor to refund you the wasted 3 days.
Don’t forget that you are only worse off by the difference in interest between the new lender rate and the old lender variable rate.
The 1st is a Sunday, nothing was ever going to happen on that day.
The 2nd is a bank holiday, so nothing was ever going to happen on that day either.
If you are lucky, the 3rd is when the solicitors will be back in the office so can request the funds for a next day completion on the 4th.
Most people with 1st Jan end dates will be completing towards the end of next week.
The 2nd is a bank holiday, so nothing was ever going to happen on that day either.
If you are lucky, the 3rd is when the solicitors will be back in the office so can request the funds for a next day completion on the 4th.
Most people with 1st Jan end dates will be completing towards the end of next week.
My current rate expires on the 31st of December, my new mortgage is due to swap over on the 3rd of January. This means I will be paying interest at the current variable rate for the first three days of January.
My redemption statement was issued three weeks ago and I had to pay the interest that would have accrued from that date until the 3rd. I have had another payment taken since then which will get refunded to me once the new mortgage takes over.
If your new mortgage is due to start in the next few days then the solicitors should have asked for a redemption statement weeks ago and informed you of what the additional interest charges were going to be and requested payment.
My redemption statement was issued three weeks ago and I had to pay the interest that would have accrued from that date until the 3rd. I have had another payment taken since then which will get refunded to me once the new mortgage takes over.
If your new mortgage is due to start in the next few days then the solicitors should have asked for a redemption statement weeks ago and informed you of what the additional interest charges were going to be and requested payment.
I remortgaged 3-4 months before the end of the existing deal. The completion date was finally set for 3 working days AFTER the end of the current deal. Solicitors (likewise free from mortgage lender) claimed previous lender had delayed final statement (they hadn't) and refused to do anything. £133 out of pocket.
I considered arguing further but as I managed to secure 2.3% for 10-years, I put it down to a win overall.
I then spent the money I will (eventually) be saving on the mortgage on an immediate payment for a new car... which I admit was a triumph of man maths over prudent financial planning.
I considered arguing further but as I managed to secure 2.3% for 10-years, I put it down to a win overall.
I then spent the money I will (eventually) be saving on the mortgage on an immediate payment for a new car... which I admit was a triumph of man maths over prudent financial planning.
_Rich_ said:
Top advice thanks.
I'll be making a few phone calls tomorrow to see where i stand. It's the first time remortgaging. I didn't think it would be this difficult.
I accept honest naivety.....but seriously, did you imagine departments, banks and solicitors would be open on New Year's Day?I'll be making a few phone calls tomorrow to see where i stand. It's the first time remortgaging. I didn't think it would be this difficult.
Something similar happened to me, I wanted to complete my remortgage on the day my fixed rate ended (a Friday in this case so should have been fine).
No amount of back and forth on the day yielded any response, and it ended up completing the following Monday, meaning a few days on the SVR over the weekend.
No big hardship in the grand scheme, but I still complained given the lack of comms. Turned out completion was delayed as the lender erroneously requested a confirmation from the solicitor, but the solicitor only replied after the cut-off. Ended up getting some of my fees refunded which more than covered the additional interest.
Your solicitor should have at least made it clear that the 1st was never going to happen if that’s what you requested from the outset.
No amount of back and forth on the day yielded any response, and it ended up completing the following Monday, meaning a few days on the SVR over the weekend.
No big hardship in the grand scheme, but I still complained given the lack of comms. Turned out completion was delayed as the lender erroneously requested a confirmation from the solicitor, but the solicitor only replied after the cut-off. Ended up getting some of my fees refunded which more than covered the additional interest.
Your solicitor should have at least made it clear that the 1st was never going to happen if that’s what you requested from the outset.
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