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Hi Krista
If your solicitor didn't spell it out to you about the early redemption fee in your particular mortgage, leaving you in zero doubt about how high it might be, then my recommendation is to strangle the solicitor after you've strangled the school. I reckon that not spelling that out - in writing - in advance of letting the client do the deal is actually negligence.
There might be somebody in the same firm who actually knows something about Law - you never know, you might get lucky.
You will recall recently that the Banking Ombudsman/watchdog (can't remember the exact title at this time of night) announced that £12 a go is more than enough to compensate a bank for bouncing cheques due to insufficient funds.
I have not had a chance to put it to the acid test yet, but I reckon that this ruling can be extended to slash the usurous and completely unjustifiable penalties that some lenders try to impose on early redemptions as well. There is no blinking way that it costs the lender £3,500 just to release a mortgage. Indeed, I'd go as far as to venture that they could be a clog on the equity of redemption - because commercially they are, or virtually so -and if I'm right, then these swingeing penalties are not lawful from the beginning.
If I were your solicitor, I'd be doing some big-time bullying of your lender right now, to get that rate renegotiated in a hurry. They'll come to the commercial party soon enough if they think that the alternative is the Court, the adverse publicity and so on.
Hope this is of some value
Gill
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