Customers cant be quoted €0 one day and then almost €17,000 the next. Simply saying 'these figures may change' is not good enough
I was given verbal redemption figures over the phone from KBC...the written figure never arrived until we had moved in to our new house as it took KBC so long to produce them. In the meantime, my solicitor paid off what what was outstanding on the mortgage, not accounting for the new break fee cost as we assumed it would be around the €0 mark as previously told.
- How did this come aboutThey've now started to take repayments out of my current account each month without my permission to pay back the €16,777,
I don't get this either. Surely KBC would not release the deeds till they full amount was discharged and the new bank would not release the funds till they had the deeds ?Go back and talk to your solicitor- they now have a real problem because they undertook to KBC not to release the Deeds to anyone until they were in funds to discharge the mortgage.
I never switched banks, my old mortgage was with KBC too. They said because I had previously signed a direct debit instruction when I first took out the original mortgage I didn't need to sign a new one. KBC decided the the monthly amounts based on the break fee and I was only told about it in the final response to my complaint. I had repayments taken out in Sep and Oct but each time I phoned KBC nobody could say what the direct debits were for.- How did this come about
- Who decided how much monthly
- Did you get a letter (s)
This is all very odd. Don't see how the sale proceeded if KBC were not fully paid off, but apparently it did happen.
Thanks for the info.It's how a very usual conveyancing transaction works.
The banks release Deeds to vendors'solicitors to facilitate a sale, out of which sale proceeds, the outstanding mortgage is discharged. Very few clients have sufficient funds to discharge a mortgage before a sale completes.
So- the vendor's solicitor undertakes to the bank that they won't release the Deeds to anyone until they are in funds to discharge the outstanding mortgage.
The vendor's solicitor must obtain written redemption figures from the Bank to facilitate a closing. Plus the vendor has contracted with their purchaser that they will pass on an unencumbered title. We deal with this with a clause in the Contract and a solicitor's undertaking to redeem the vendor's mortgage from the sale proceeds.
The purchaser's solicitor undertakes to their client's bank that they will register a first legal charge on the property. So there are a lot of undertakings going on.
Hi Jim
On what date did you get the zero quote?
On what date did you redeem your mortgage?
While the solicitor should have got that information on the date you redeemed your mortgage, it would already have been too late for you. You had sold your house at that stage. So the solicitor is not the cause of your losses.
Brendan
Hi Jim
There is another solution.
Some lenders allow you to move your fixed rate mortgage to the new property.
I think you should investigate this. Ask them to reissue the fixed rate mortgage at the original rate and term and amount and rescind the fee.
I think that would be a fair solution.
The 8 months gap is huge and would explain why the fee has risen so much.
Brendan
You can't go to the FSPO until you've exhausted the process (including appeals) with KBC itself.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?