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We all know that if there is an error on a redemption statement from a
Council of Mortgage Lender Body then the shortfall has to be made up
by the lender (ie the charge should be discharged, and the lender will
then have to chase the ex-borrower personally). What it should not be is
the responsibility of the solicitor.
However, what seems clear is that an increasing number of solicitors are
finding that CML lenders are refusing to honour this commitment and are
leaving the borrower’s solicitor to meet the shortfall (and then chase the
client for the money).
The Law Society is taking an increased interest in this topic and if you
have details of a specific problem then go to the Law Society website
and insert details into their online survey. After all, the more
practitioners who complain about this, the more likely there is to be an
eventual solution. [2007] LSG 8 February 8.
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March 2007 |
