closing date and mortgage redemption for sale of house

ahcomeon!

Anyone come across this before- Solicitor got redemption figure from Asset Management Co that now holds mortgage to close on a friday, Closed by close of business. Asset company took another mortgage payment three days after closing. I contacted them and sought a refund which i got 25 days after it was taken. There is a short fall of nearly 50 Euro in the amount refunded. Questioned this- they said as the funds hadnt been lodged to their account for 4 days after the closing by the solicitor there was a shortfall. I pointed out two of those days were weekend end it takes time to clear funds.
I asked them to lodge my complaint.
1. For taking a mortgage payment when I no longer have a mortgage with them.
2. For taking money from this account without my authorisation.

Has anyone come across this before? I thought the European Communities(Payment Services Regulations 2009) might cover it.

Trish56

Did you Solicitor redeem the mortgage on the Friday evening or 4 days later??You need to get a copy of the receipt. If it was lodged 4 days later they are entitled to charge you interest up to the date the mortgage was redeemed.

ahcomeon!

Well he said the closing was friday. The new buyers were in the house that evening. Bit bizzare as i have no control over my solicitors paperwork.
When you say redeem what do you mean? Do you mean when the funds were transfered to the Asset Company. From previous houses i have sold the solicitor would get a redemption figure from the bank ect for a certain date and close on that date. I have never seen a bank looking for/taking money from a customers account for days after the closing.
Thanks

phormium

Provided the money landed in the account to be closed on the Friday! if it was done by bank tf on Friday after cut off time to a different bank from transferring bank it may have taken a few days to reach destination account. That is most likely to be where the delay has come from.

Trish56

Redeem means to pay the balance owed on the mortgage. You really need to speak to your Solicitor on this and get a receipt from him/her for the final payment. When a lender issues a redemption figure to a Solicitor there is a daily interest figure to be added.

You also need to get a final statement from the lender.

ahcomeon! wrote: »

Well he said the closing was friday. The new buyers were in the house that evening. Bit bizzare as i have no control over my solicitors paperwork.
When you say redeem what do you mean? Do you mean when the funds were transfered to the Asset Company. From previous houses i have sold the solicitor would get a redemption figure from the bank ect for a certain date and close on that date. I have never seen a bank looking for/taking money from a customers account for days after the closing.
Thanks

ahcomeon!

well then's it's more likely the fault of the solicitor who didnt get a final redemption figues and transfer funds by EFT by close of business to Pepper Assett Mangement Co. Pity anyone who has to deal with them. They are aptly named as a V........ Company.
Thank you for your information in relation to this.