Closed on sale of house but solicitor still has not paid remainder of mortgage

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suzyann

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We closed last Wednessday on a house sale - buyer has given the required amount to our solicitor and this all went through .. we are now awaiting for our solicitor to pay off the remainder of our mortgage with these and return the profit to our account ... The solicitor seems to be taking his time in paying of the remainder of the outstanding mortgage left as he is finding it difficult to get a closing balance from IIB home loans ... When we contacted them we were told that it had to go through the solicitor ..
In the meantime our solicitor is in court these days and the interest is accumulating on our unpaid mortgage - I am annoyed at how long this is taking - anyone any experience with this?
 
Well if IIB haven't provided your solicitor with a balance, it's up to them to do so I would guess?
 
Can I add a separate but related point:

Word of warning

If you have a First Active Current Account mortgage, the bank cards have to be handed back in for 30 days before they will even give a redemption figure. In a way, this is understandable, as all sums spent by you on your current account overdraft are secured by your mortgage. Only when your account is fully inactive, and all recent transactions processed, can they tell your solicitor what the redemption figure is.

Moderators: It might be worth making this a key post. Many solicitors have acted in drawing down Current Account mortgages, but the redemption of a current account mortgage is relatively new territory, and most solicitors would still be unaware of this '30-day' problem. Certainly it came as news to me.
 
We followed up directly with IIB and they have stated that they received a fax from the solicitor about the redemption figure but said that he had not requested it to be sent to him ??? In the meantime the solicitor is waiting doing nothing to check why they have not sent it on .. I explained to IIB home loans that I am paying interest on a mortgaged property that has already been sold - to that effect they said they would forward to the solicitor - But , I still find it annoying that the solicitor would sit on it for a number of days without simply checking why this never got sent through. I really shouldnt have had to deal with this - this is surely what I am paying him for .
 
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