Jasper pal
Registered User
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- 12
Hi All,
We have just sold a property which was not cross secured with another that we own, however the mortgages are with the same bank
Due to an argument with a bank on an 'all sums due' clause for a redemption figure the solicitor has the proceeds from the sale in his client account for a month now. This amount is in excess of 300k.
He has said that he cannot release them until this is sorted. The said redemption will not be 300k or even half this (Worst case scenario). this is also net of the mortgage that has been redeemed on the sold property.
The monthly mortgage payments have stopped on the sold property however we are still making the payments without fail on the other property (Capital & Interest).
My question is: Who is entitled to the interest earned on these funds?
Thanks for your help in advance...
We have just sold a property which was not cross secured with another that we own, however the mortgages are with the same bank
Due to an argument with a bank on an 'all sums due' clause for a redemption figure the solicitor has the proceeds from the sale in his client account for a month now. This amount is in excess of 300k.
He has said that he cannot release them until this is sorted. The said redemption will not be 300k or even half this (Worst case scenario). this is also net of the mortgage that has been redeemed on the sold property.
The monthly mortgage payments have stopped on the sold property however we are still making the payments without fail on the other property (Capital & Interest).
My question is: Who is entitled to the interest earned on these funds?
Thanks for your help in advance...