Like many conveyancers, we worry about mortgage lenders who seek to qualify their redemption statements in one way or another.

We point out to them every time that we have to have a figure on which we can rely in view of the undertaking we give to the buyer's solicitors. We go so far as to cross out sections in their statements, such as those that 'reserve the right' not to release the security if any expected payments are not received from the borrower. We fax the amended statement or letter back to them. We say that if the deletion is unacceptable, please send us a revised statement that does not include any uncleared effects.


Some lenders will not give a written redemption statement in advance at all. They require you to telephone on the day of completion. The usual reason is that the account balance can fluctuate daily.


The guidance published by the Council of Mortgage may need to be updated, as sooner or later someone is going to be in trouble, because he has undertaken to the buyer's solicitors to be responsible for repaying a mortgage, and has relied on a figure given to him over the phone, which turns out to be disputed and/or incorrect.



Alan Oakley, Bennett Oakley & Partners, Burgess Hill, West Sussex