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On our old property we had a mortgage and a advance loan against the property.
We paid our full mortgage repayment on our old house on the 1st Feb 2022, we exchanged on the 3rd February and completed on the 4th February. On the 1st March 2022, we paid our mortgage on our new house, our mortgage on our old house and the advance loan repayment as well. When we questioned this with the building society, they said that our solicitors only closed the mortgage and not the advance loan, therefore will keep both accounts open until the balance is paid off on the advance. When we spoke to our solicitors, all they said in a nutshell was "it was an admin error, you will need to pay for it out of the money we gave you from the sale of your old house." We've raised a complaint on this, their idea of compensation is to pay the daily interest from the day of completion to the day we paid the final balance of the advance which equates to 0.13p a day. Where do we stand with this, ideally I would like the solicitors to pay the full amount of the advance loan from the day we completed as this has hindered our refurb plans on our new property.
where do we stand with this?
TIA
Si
We paid our full mortgage repayment on our old house on the 1st Feb 2022, we exchanged on the 3rd February and completed on the 4th February. On the 1st March 2022, we paid our mortgage on our new house, our mortgage on our old house and the advance loan repayment as well. When we questioned this with the building society, they said that our solicitors only closed the mortgage and not the advance loan, therefore will keep both accounts open until the balance is paid off on the advance. When we spoke to our solicitors, all they said in a nutshell was "it was an admin error, you will need to pay for it out of the money we gave you from the sale of your old house." We've raised a complaint on this, their idea of compensation is to pay the daily interest from the day of completion to the day we paid the final balance of the advance which equates to 0.13p a day. Where do we stand with this, ideally I would like the solicitors to pay the full amount of the advance loan from the day we completed as this has hindered our refurb plans on our new property.
where do we stand with this?
TIA
Si
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