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My mother has a Shared Appreciation Mortgage and she wishes to be free and clear of the outstanding debt. The bank provided a settlement figure of just over £50,000 based on their property valuation. However, there are oustanding issues/questions yet to be resolved by the lender. This is delaying final settlement.
Given the subsequent increase in property values can the bank revise their initial settlement figure to account for the increase in the value of the house?
Similarly, if we go to the ombudsman, resolution could take some time. Would we be penalised for delays?
Finally, is there a limit to the number of questions we can ask or the amount of information we seek from the lender? This could be misinterpreted as a stalling action.
Thank you for any assistance.
Given the subsequent increase in property values can the bank revise their initial settlement figure to account for the increase in the value of the house?
Similarly, if we go to the ombudsman, resolution could take some time. Would we be penalised for delays?
Finally, is there a limit to the number of questions we can ask or the amount of information we seek from the lender? This could be misinterpreted as a stalling action.
Thank you for any assistance.
