15 February 2007
In brief
The Law Society wants the Financial Services Authority to intervene in a dispute over incorrect redemption statements if it fails to resolve the issue with the Council of Mortgage Lenders. The society claims solicitors are being placed at financial risk by mortgage lenders failing to discharge redemption statements issued during the residential conveyancing process and says mortgage lenders are increasingly giving inaccurate redemption statements so the solicitor sends insufficient funds to redeem the mortgage, or refusing to discharge mortgages, leaving sellers’ solicitors to meet the shortfall and pursue the client themselves.
