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Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7478
Experience:  BA (Hons), PgDip, Practising Solicitor
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Is a mortgage company legally obliged to provide a redemption

Resolved Question:

Is a mortgage company legally obliged to provide a redemption figure if requested?
Also, what would be an acceptable time span expected to receive it once requested?
Submitted: 3 years ago.
Category: UK Property Law
Expert:  Thomas replied 3 years ago.
Hi

Thanks for your patience.

Under normal high street mortgages the lender is under a duty to confirm a settlement figure to redeem the mortgage. This called a redemption statement.

I would expect the obligation to be buried in the mortgage documentation that you originally signed with the lender.

They would be expected to send the Redemption Statement within a reasonable time and most lenders tend to send the statement within 3-5 working days, but usually by 3 working days.


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Tom
Customer: replied 3 years ago.
I applied on 11th Dec by recorded delivery. No reply yet.
My mortgage is due to expire on 31st Dec.
If they fail to send to me, or do not allow enough time before expiry do I have any legal redress?
Expert:  Thomas replied 3 years ago.
Hi,

The simplest solution would be to give them a telephone call and request it over the phone. Once you have identified yourself as the customer (eg. account detail etc) they will give it to you over the phone.

If you can demonstrate that you requested the figure and did not receive a reply by this time then you should prejudiced by this but I woudl show that you attempted to call them as well.

Take detailed notes of your telephone conversation(s) and make sure you get the full name of the lender representative that you actually speak to.

If (unlikely as it is) you are not given a redemption statement in reply to your letter or verbally over the telephoen then you should be abel to argue that you can settle the mortgage for the sum owing as at 31st December if it does come later provided you can prove your reasonable effrots to get one.

Please remember to rate my answer.

Kind regards.

Tom
Thomas and 2 other UK Property Law Specialists are ready to help you
Customer: replied 3 years ago.
Thank you.
I called as you advised and they have provided a figure and said it was also in the post.
Expert:  Thomas replied 3 years ago.
No problem.

Thank you for rating my answer.

Tom
Thomas and 2 other UK Property Law Specialists are ready to help you

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