Skye Loans Ltd

[Baz1994]

I am in a position to clear my mortgage / secured loan with Skye but they are withholding charge details until I produce evidence of where I have got the funds from to clear it?

 

They keep quoting the Money Laundering Regulations 2017.

 

Can they do or request this?

 

It is not a large amount but am somewhat confused that they never question my regular monthly payment transfers?

 

Thanks for any help.

 

I just want to get rid of this loan as they are such an awful company to deal with.

[dx100uk]

none of their business.

what do you mean by they are withholding charge details ?

[slick132]

Also, was the loan taken out with Black Horse originally or with Skye Loans.

[ericsbrother]

any sum over £1000 in cash may be questioned and any transfer over £20k in a certain time frame BUT that is only about " knowing your customer" and not the source of the money.

you say they keep quoting the 2017 regs- what sections do they quote as being applicable?

 

are you a politician by any chance?

I bet they are charging you a higher interest rate than the market will currently gve them so want to keep you on their books to make their asset sheet look good

[Baz1994]

Hi All many thanks for replies.

 

The amount outstanding is only £4,500 and I have been given funds to get rid from my mum.

 

I requested a redemption figure including costs to release charge from my property.

 

Unlike Blackhorse / Lloyds they do not provide any discount for early redemption and their fees / charges are a lot higher hence why I want to clear it.

 

When requested their reply basically said to redeem loan / mortgage in full that I must provide evidence (Copy of bank statement, building society book balance / insurance or pension maturity statement or any other documents) under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.

 

We had previously requested that all correspondences were to be made in writing only but they called my OH last week to discuss details in which she basically told them to put in writing and don't phone again. 

[London1971]

Hi there,

 

Actually, my experience. My parents gave us some money towards a house deposit a couple of years back and that opened Up a whole can of worms.

 

Under the money laundering regulations they had to provide very detailed evidence of where the money had come from. I mean seriously detailed, lots of questions, statements etc. Otherwise my mortgage wouldn’t have gone through. They take it that seriously!

 

The reason is because off shore ‘investors’ using the UK housing market to park their money is a big deal and they are cracking down on it.

 

Even if it’s just £4500 to pay that off, I’m guessing your just going to have to go along with it.

[Baz1994]

OK wasn't sure about that as only a small amount to clear.

 

Is there a limit?

 

If I just paid the maximum / increased payments for the next 3/4  months, would they question that?

 

They never asked for evidence before when I cleared over a £1,000 in arrears. Just threatened us if it was not cleared.

 

Just wondering.

Edited June 25, 2020 by Baz1994

[London1971]

Honestly , I’m not sure. Gonna have to make up your own mind on that. I’d probably go through all the hassle just to get it paid off quicker if it was me.

[Baz1994]

OK cheers for that.

 

I might just keep making my usual monthly payments as only 1 year 8 months to go.

 

And make them wait for it.

 

It just would have been nice to get rid.

Edited June 25, 2020 by Baz1994

[AndyOrch]

You could make 4 payments of £1,000 odd...see if they refuse payment ...I doubt it.

 

Andy

[Baz1994]

Thanks Andy

 

I might just do that.

 

I also noticed that the loan / Mortgage is now serviced by Link and not Capita. Are they one of the same?

[dx100uk]

no.

who are the dca's client?

 

[Baz1994]

Thanks dx.

 

No the loan is with Skye but they are not regulated.

 

I believe it was previously administered / serviced by Capita but on checking details on bottom of letter it now mentions Link Mortgage Services, who are regulated by the FCA. 

Edited June 26, 2020 by Baz1994

[AndyOrch]

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfUzAAAV

[Baz1994]

Thanks again Andy.

 

Link are regulated but news to me as previously Capita but no notification of change.

[ericsbrother]

get a statement for the whole loan and have a look at any charges and the interest rate. Some loans will have a fixed interest for the entire loan period but others will be based on BOE lending rate plus a percentage as a variable.

 

You should also consider a judgement some years back against the Halifax regarding redemption fees/deed release fees. The Halifax used to put into their mortgages the fee was say £90 but after your 25 years paying the mortgage had gone by they decided that this fee would now be £200.

 

It went to court and halifax lost and had to stick to the original quote and refund all of those who had overpaid. Your original agreement may have a different settlement figure

[AndyOrch]

Topic open

[Baz1994]

Thanks Andy.

 

Well final payment made including £150 discharge fee on 1st September, 2021.

 

Wrote to Skye requesting confirmation that all was in order and final statement.

 

Also that they remove charge from Land Registry.

 

Received reply 1st October confirming redemption but no final statement or mention of charge?

 

I today checked Land Registry online and Skye Loans still showing under Charges on property.

 

How long should it take to remove or is there anything else I can do to expedite action.

 

Many Thanks for looking.

[AndyOrch]

Practice guide 31: discharges of charges - GOV.UK

WWW.GOV.UK

 

[Baz1994]

Thanks Andy I will have a look at that properly later.

 

In the meantime is it Skye Loans / Capita who are to act?

 

And if so, is there a timeframe for them to action?

 

 

Edited November 2, 2021 by Baz1994
correction

[dx100uk]

the owner stated in the charge on your registry entry.

 

 

[Baz1994]

Thanks Dx

 

Skye Loans are stated on Registry.

 

Just wondered whether to chase up or complain to them. 

[dx100uk]

id chase them.

 

 

[Baz1994]

Thanks again dx.

 

Will get another letter off to them today.

 

Just want rid of this lot.

[Baz1994]

Well posted another chaser to Skye on wednesday.

 

Received a response to my previous letter today.

 

Skye have confirmed account was redeemed on 1st September, 2021 including discharge fee of £150.00 but no final statement of account as requested.

 

They also confirm that their discharge form was sent to their solicitors on 8th October, 2021 (I notified Skye on or around 1st September that final payments made) and was lodged at the Land Registry on 18th October 2021.

 

They suggest that I chase the Land Registry regarding removal.

 

Is this correct?