Please note, whether you are a member of the public or a solicitor, you should not supply a mortgage account number with Bank of Ireland or personal details without being absolutely sure as to legitimacy of the site. We will not be asking you to supply any mortgage account number with Bank of Ireland, personal details or details of the property to which the redemption statement with Bank of Ireland relates
Hardly a week goes by where we do not get asked where a conveyancing practice can retrieve a redemption statement from Bank of Ireland. The purpose of this page is to assist in supplying contact information for Bank of Ireland in terms of knowing where to apply for a redemption statement. We are not Bank of Ireland
Please complete the following form:
The Redemption Statement Service offered via this site is only available to firms regulated by CLC or SRA in England and Wales who have an active LENDERmonitor account via participating search providers. The service provides you with details as to contract details (from P2 of the UKF Mortgage Lenders' Handbook) enabling you to request a redemption statement. Registrations from generic email domains such a gmail.com or btconnect.com will not be accepted. At no point will we send you an email or communicate asking for a specific mortgage account number or panel number with Halifax.
An active LENDERmonitor account via participating search providers is defined as where the individual user has utilized LENDERmonitor access codes at least twice a month for a period of six months
When borrowers wish to pay off their mortgage with Bank of Ireland, they must request a redemption statement from Bank of Ireland, which will set out the exact amount, including any applicable fees and interest due, to fully repay their mortgage.
Specific problems pertaining to redemption statements and the discharge of mortgages can slow down the conveyancing process. In some cases solicitors and conveyancers can be sued for breaching undertakings given to discharge a mortgage, which causes concern to conveyancing professionals and their insurers.
When requesting a redemption statement from Bank of Ireland, a conveyancer should quote the expected repayment date and whether you are acting for the borrower or have the borrower's authority to request the redemption statement in addition to the information. You should request this from Bank of Ireland a minimum 5 working days ahead of the expected redemption date. You must quote all the borrower's mortgage account or roll numbers of which you are aware when requesting the repayment figure. As a conveyancer or solicitor one should only request a redemption statement from Bank of Ireland where you you have been retained by the borrower or have the borrower's written authority to request a redemption figure.
To guard against fraud please ensure that if payment is made by cheque then the redemption cheque is made payable to Bank of Ireland and quote the mortgage account number or roll number and name of the borrower.
On the day of completion lawyers should send the discharge (if required) by Bank of Ireland and your remittance for the repayment to Bank of Ireland. Check part 2 UK Finance Mortgage Lenders' Handbook for conveyancers for Bank of Ireland to see if Bank of Ireland discharge via a DS1 form or direct notification to the Land Registry.
In 1985 the Building Societies Association (BSA) and the Law Society issued detailed advice to their respective members on this subject because of the difficulties which were apparent at that time.
This guidance refers to some of the circumstances which can produce errors and problems, and the consequences which this can have for the solicitor in the conveyancing transaction. It also suggests certain practical measures designed to reduce problems in this area. An extract of that guidance note (which is generic and not specific to Bank of Ireland) on redemption statements is as follows:
Problems with redemption statements can arise for a number of reasons:
Some of the more common practical problems are outlined in the following paragraphs.
A difficulty arises if the mortgage payments are made by standing order and, shortly before completion, the borrower stops the payments without notice to the lender. There will be a shortfall if the lender assumed, without making this assumption clear that the next payment would be paid and made the redemption figure calculation accordingly. If this is the case, and the solicitor has acted in good faith and with no knowledge that a payment has been or is likely to be cancelled, the view of the CML is that the lender should seal the discharge. This is to avoid the solicitor being in breach of his undertaking to the buyer's solicitor. (The lender would then have to recoup the money from the borrower.)
This difficulty is less likely to arise where payments are made by direct debit because the lender is the originator of the debit and therefore has control over the raising of any future direct debits from the borrower's bank account. However, there is no guarantee that direct debits will be honoured and they may be returned on the grounds of insufficient funds or that the customer has closed his account or instructed his bank to cancel the direct debit.
Some lenders overcome this problem by excluding any future payments due when calculating the redemption figure. In other words, they 'freeze' the account balance at the day of the redemption calculation. The disadvantages of this are that (if the payment has not been cancelled) the borrower has to pay a higher redemption figure and the lender has to make a refund to the borrower after redemption.
An alternative is for the lender on the redemption statement to make it clear to the solicitor that it is assumed that the next payment will be made and that, if it is not paid, the mortgage will not be discharged until the balance is received. This gives the solicitor an early chance to address his and his borrower client's mind to this situation and to ensure that sufficient monies will be available to redeem the mortgage. Indeed, this would also serve as a reminder to the solicitor to warn the borrower client of the importance of continuing the payments in the normal way up to completion.
My redemption statement from Bank of Ireland shows a higher amount than expected, why?
Do I need to notify Bank of Ireland that I have taken out mortgage redemption insurance?
We've had a few failed attempts to exchange and our completion date is Friday. We've just been informed that our vendor needs to get a redemption statement from Bank of Ireland. Our solicitor says this can take a few days whereas the agent says it can be faxed the same day. Perhaps it depends on the lender?
What happens to my deeds following redemption of my mortgage with Bank of Ireland?
What is the process for overpaying a mortgage with Bank of Ireland? Do I get a statement showing part redemption if I make an overpayment to Bank of Ireland? I'm sure there is something in the original Bank of Ireland docs but they are buried somewhere in the loft.
What if the redemption statement from Bank of Ireland shows that I am in negative equity?
Hoping to leave a small balance on a mortgage with Bank of Ireland after redemption for future drawdown or remortgaging. Is this possible as I would like them to hold onto the deeds for safe keeping?
I plan to redeem my account with Bank of Ireland on the first/second day of the month. Can I use a redemption figure from the previous month’s redemption statement ?
I require a statement from the beginning of the financial year up to the date that my mortgage was fully repaid. Does a redemption statement from Bank of Ireland contain this information?
I need a copy of a mortgage redemption statement from Bank of Ireland.I can’t get hold of my previous solicitor. Where can I get a copy?
Lenders such as Bank of Ireland have different requirements regarding final mortgage payments before redemption. If a mortgage is to be redeemed in the middle of a month, some lenders will still require the payment for the whole of that month. Other lenders exclude future payments when calculating redemption figures. What approach a lender will take will often be hidden in the small print. To avoid borrower clients either cancelling direct debits too early or not early enough, make sure that you extract the lender’s approach from the redemption statement or, if this is not clear, obtain written confirmation from lenders about what assumptions they have made in calculating the redemption figure.
Solicitors/conveyancers should make it their normal practice to check redemption figures Bank of Ireland and indeed any lender and seek authorisation to make payment by sending clients completion statements before completion which set out the sums to be paid to discharge mortgages and the net proceeds of the transaction.
If you are a solicitor/conveyancer and you receive redemption statements, don’t just look at the redemption figure. Read the whole statement to ascertain exactly: which charge the figure relates to; whether it relates to all of the charges shown on the official copies; whether it covers all loans secured by the charge(s); and whether there may be other loans in respect of which it will be necessary to obtain further information. Send borrower clients copies of redemption statements so that they can check that all the mortgages/loans intended to be redeemed are included.
An electronic discharge is a discharge of a registered charge sent electronically by the lender’s (such as Bank of Ireland) computer system direct to the Land Registry . For an electronic discharge, the HM Land Registry computer system makes a number of checks and, if everything is in order, cancels the charge entries automatically and, in most cases, immediately on receipt of the discharge. An electronic discharge is different to an e-DS1.
An electronic discharge can only be sent for a discharge of whole. All electronic discharges will be sent via secure virtual private networks. A number of security features have been incorporated to ensure that only lenders can send electronic discharges to us. An electronic discharge cancels the charge entries automatically and, in most cases, immediately. An electronic discharge does not require a separate formal paper application to discharge the charge, nor does it need any manual intervention. It is completely automated between various computer systems. HM Land Registry introduced electronic discharges because a system for automatically discharging registered charges is required for e-Conveyancing.
Electronic discharges are now supplemented by the introduction of e-DS1s. Both electronic discharges and e-DS1s currently operate as standalone applications for discharge and both will, in time, form part of an integrated e-conveyancing system. Electronic discharges will also overcome some of the problems associated with form DS1 and the former electronic notifications of discharge procedure, especially the inherent delays. Lenders who use electronic discharges are introducing new processes that automate and speed up the way they deal with redemptions and enable them to send an electronic discharge more quickly than a DS1 or an END.
The lender (including Bank of Ireland) should indicate in their redemption statement that they will discharge the charge using an e-DS1. The conveyancer must tell them which charges are being redeemed and pay off the charge(s) in the normal way.
Once the lender has received the correct payment, they will arrange for an e-DS1 to be submitted. The lender can opt for a notification to be sent to them on completion of registration. In addition, if it is a borrower’s redemption, notification will be sent to the borrower on completion.
The Bank of Ireland version of the UK Finance Mortgage Lenders' Handbook for conveyancers states that on the day of completion the conveyancer should send the discharge (if required) and remit repayment to Bank of Ireland (see part 2). Conveyancers should check part 2 to see if Bank of Ireland discharge via a DS1 form or direct notification to the Land Registry. The relevant part 2 section questions for Bank of Ireland read: ‘17.2.1a Where do you send the discharge and repayment remittance?’ and ‘17.2.1b Does the lender send the discharge via a DS 1 form or direct with the Land Registry?’
Q. Can my firm make redemption order request directly to Bank of Ireland via this service?
A. Lexsure Redemption Statement Service does allow you to apply to Bank of Ireland directly. Please click here to see detailed information as to what the service offers.
Q. Does the Lexsure Redemption Statement Service include updates as to when Bank of Ireland change their contact details for requesting redemption figures?
A. Yes it does.
Q. Does my firm need to be on the Bank of Ireland conveyancing panel in order to join the Lexsure Redemption Statement Service?
A. No.
Q. Does the Lexsure Redemption Statement Service apply to lenders in Scotland or Northern Ireland?
A.The service only applies to England and Wales.
Q. A colleague in my firm recently attended a webinar on changes to the UK Finance Mortgage Lenders' Handbook for conveyancers. Do you offer any specific webinar on changes to the part 2 by Bank of Ireland or on specific topics such as dealing with Redemption Statement or Undertakings?
A. We have not conducted any specific webinars on part 2 changes for Bank of Ireland. Up until now our webinars on lender compliance have been more generic. A list of the forthcoming webinars can be found here. You can user the search tool to see if there are any webinars on ‘redemption statements’
If you're thinking of paying off your Bank of Ireland mortgage early, also known as redeeming your mortgage, contact Bank of Ireland so that they can explain how to do this.
Once you've decided that you want to pay off your mortgage, you or your solicitor will need to request a Redemption Statement for the date that you expect to repay your mortgage. This statement will confirm the exact amount, including any applicable fees and interest due, to fully repay your mortgage on that date.
The redemption statement will detail any fees that are applicable such as an Early Repayment Charge (ERC) and a Final Repayment Charge (FRC).
In requesting a redemption statement from Bank of Ireland, a conveyancer should quote the expected repayment date and whether you are acting for the borrower or have the borrower's authority to request the redemption statement in addition to the information. You should request this from Bank of Ireland at least five business days prior to the expected redemption date. You must quote all the borrower's mortgage account or roll numbers of which you are aware when requesting the repayment figure. As a conveyancer or solicitor one should only request a redemption statement from Bank of Ireland where you you have been retained by the borrower or have the borrower's written authority to request a redemption figure.
*The Redemption Statement Service offered via this site is only available to firms regulated by CLC or SRA in England and Wales. The service provides you with details as as to contact details (from P2 of the UKF Mortgage Lenders' Handbook) enabling you to request a redemption statement. Registrations from generic email domains such a gmail.com or btconnect.com will not be accepted. At no point will we send you an email or communicate asking for a specific mortgage account number or panel number with Bank of Ireland.
