Saraounia Vs Mortgage Express * WON *

[saraounia]

ERC in progress

 

Mortgage Express - £13,327.87 ABOUT TO BE PAID.

 

This is a strange one. Actually redeemed the main account on 6th sept. But ME told my solicitor over the phone that no ERC was applicable and they would confirm in writing in a few days. He paid the principal and retained the amount of the ERC till written confirmation from ME. Heard nothing for 5days, I chased the solicitor, he called them again, only they then told him the full about (5% of o/s bal) was payable. I called ME direct and they confirmed to me an ERC of £702 which they agreed to confirm in writing. I am now waiting for that written confirmation. Any advice on this matter would be very much appreciated as I will probably hear from them shortly. My solicitor is priming me to cough up in full with daily interest since 6th! I have not yet paid so cannot yet ask for a refund, but was simply hoping to pay the £702 via the solictor once they had confirmed it in writing so the account can be closed. We shall see. I will keep you updated.

[nathal]

is the solicitor holding the erc or mortgage express

[saraounia]

The solicitor is holding the ERC in his client account.

 

He also says they will charge me penalty interest even though ME confirmed to him that the full amount was due a week after the capital was repaid. He says they will want to apply interest from the day the capital was repaid to whenever he pays over.

[nathal]

in the terms and conditiond it should state erc. Usually 5% applied to 100% percent mortgage if redeemed within a short period which is usally 3years with ME.

[saraounia]

That is exactly what the T&Cs say, however, in the real world they are demanding with menances and if I don't pay up full ERC plus interest, they refuse to close my account. Sounds like par for the course to me.

[nathal]

if they quoted you £702, it should be that. Try to get it in writing

[saraounia]

I think I worked out what the £702 charge was about .... it is 5% of the ERC they are trying to charge me. Go figure.

 

Still waiting to hear what my solicitor / M Express say, but I have the MExpr prelim letter ready.

[saraounia]

Been chasing my solicitor to find out what on earth is happening. Today, he tells me he has received the discharge notice from Mortgage Express for the mortgage and is waiting for the notice on the freehold. Once that is in, he can pay me the £13k he has been holding against redemption fees.....

 

It is all a bit spooky as I have not claimed yet, did not issue a prelim etc. and was fully expecting to have to pay up then claim!

 

We shall see.....

[saraounia]

Still waiting for the payout from my solicitor who is still shuffling papers.... He says he has received all the documents he needs from mortgage express to discharge the mortgage but now he needs to get the consent from my buyers solicitors...This is his third attempt. At least it looks like the money will actually come my way without a fight from mortgage express. Hopefully, this time next week...

[saraounia]

9/11/06 Got the following message from solicitor today. Will confirm when the eagle has landed.!!

 

'I have sent to your account £13,327.87 despite the fact that I have still not heard from Mortgage Express. This is on the basis that you agree to reimburse me this sum in the event of Mortgage Express, for any reason, reclaiming this figure from me.

 

I will let you have a detailed financial statement next week.'

[saraounia]

Received a cheque today for my solicitor for the ERC amount! Though he has been holding it since august , he has kept the interest.

 

So, this is a closed case. Mortgage Express failed to claim the ERC due on redemption, don't know why and don't really care.

 

Hooray for now.....assuming they don't wake up and try to claim it back.

[zootscoot]

Congratulations!

 

Another success for the ERC claimers... excellent news well done for holding out.

 

All the best Zoot

[Les Gunn]

Great News - well done!

 

[paddym]

nice 1 enjoy your new found wealth ! lol

[Longleigh10]

How fab!

I did what you were going to do originally - pay it, then try to reclaim it back. Wish i'd held out then as well.

Well done.

[saraounia]

Thanks all! Am just about to move again so is very timely indeed. Itching to make a donation to this site though. But will wait til the moving dust has settled.