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firstly thank you for reading i thought i would start at the beginning in 2007 when i was not in a good place i remortgaged my commercial property to lancashire mortgages and by releasing £30000 in equity it cost me a extra £50000 in early release from previous lender and fees to broker and lancashire. what i did not realise was that this was interest only and due to receivership fees and charges i now owe then £300,000 from originally borrowing £220,000 and i am paying them £2400 a month. the rent does not even cover the monthly payments i originally put in a inflated salary for myself as the broker advised. i have never been offered a plan to pay the capital sum off and they have rejected my claim as it is over 6 years old and told me they are not regulated by fca and my broker no longer exists. do i have any redress . i know this is all of my own stupidity but has anyone any ideas how can rescue this sinking ship!
hi sorry I'm not sure where best to post this. We have a remortgage going through with nationwide. During the application process we were asked if we needed transfer of equity and we said yes. It then told us we needed legal advice for this and do we want a quote from one of their solicitors and do we want a quote? We said yes and it brought back a quote of £255, asked us if we wished to accept and I said yes and proceeded with the application. I then got the application summary which states everything: Transfer of equity required? Yes Free legals taken? Yes Solicitor quote provided? Yes, £255 Quote accepted? Yes We then got the quote breakdown from LMS with nationwides logo at the top which included solicitor base cost, telegraphic transfer fee and disbursements totalling. £255 including VAT. But doesn't include transfer of equity. We were then allocated to gorvins solicitors by lms. We received the welcome pack with quote and request of payment for £535. This again didn't include the transfer of equity but had everything in the lms quote breakdown but each item more expensive and other fees such as scanning and file storage. I rang them to query it but they didn't know why the quotes differed but said transfer of equity would make it more expensive. I've been passed back and forth the 3 of them with promises someone will contact me but never does. Until I spoke with someone at nationwide last week who has chased them up for me but rather than reply to her they replied to me. Gorvins stated I'd been provided with an old quote due to a technical error and it is now more expensive but agreed with nationwide. I then spoke to lms who had a supervisor ring me back today and tell me the same thing and that they can only apologise and close the file for me if I don't want to go ahead at the price provided by Gorvins. They said all the firms they work with will be the same price as fees are fixed and they can only apologise and told me to contact nationwide as they were the ones who provided the first quote. I said it wasn't good enough because they've now delayed us 3 weeks without any work even being started on the remortgage and now I have to find a new solicitor. They also asked if the nationwide quote stated £255+fees as it would normally be quoted as base cost for the remortgage(£325)+fees and I confirmed it hadnt and said this was wrong as the additional £210 fees are compulsory for the basic remortgage even without transfer of equity so shouldn't be hidden. She then agreed to submit a formal complaint. I then contacted nationwide to complain to them about the initial quote to be told the initial quote is provided by LMS even though it's their website they work together and solicitor side of it is nothing to do with them and it's fairly new but they've been asked that all complaints go through to LMS's complaints department so they are aware of it and it's happened a few times with others but LMS will be dealing with it. What do I do now? Do they not have to honour the quote that was accepted and agreed? LMS didn't really seem interested and just kept telling me I could decline and find my own solicitor and didn't have to go through with theirs. Should I just go with my own to avoid any more delay or wait for the outcome of the complaint? I've found one for £435 including transfer of equity? Thanks.