In this Conveyancing Matters chat, Stu and Lorraine talk about an important issue that has vexed conveyancers for years – redemption statements from mortgage lenders
They talk about early redemption penalties and the problems of the lenders expecting the penalties to be paid when an undertaking has been given to pay a lower figure
Should conveyancers obtain the penalty figure from their clients? Once again, this leaves the conveyancer in a difficult position
They discuss the joint Law Society/mortgage lenders statement on redemption statements and whether it helps at all
And what about the situation where an indicative redemption figure does not include commercial borrowing or all mortgage accounts?
They give some tips on how to deal with these problems.
But what do you do? Have you been caught?
And what do the mortgage lenders think?
Remember, this is just a chat and our opinions, not advice!
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