Please note, whether you are a member of the public or a solicitor, you should not supply a mortgage account number with Clydesdale Bank 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 Clydesdale Bank, personal details or details of the property to which the redemption statement with Clydesdale Bank relates
On a daily basis we get asked where a conveyancing practice can retrieve a redemption statement from Clydesdale Bank. The purpose of this page is to assist in supplying contact information for Clydesdale Bank in terms of knowing where to apply for a redemption statement. We are not Clydesdale Bank
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 Clydesdale Bank, they must request a redemption statement from Clydesdale Bank, 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 Clydesdale Bank, 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 Clydesdale Bank 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 Clydesdale Bank 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 Clydesdale Bank 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 Clydesdale Bank and your remittance for the repayment to Clydesdale Bank. Check part 2 UK Finance Mortgage Lenders' Handbook for conveyancers for Clydesdale Bank to see if Clydesdale Bank 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 Clydesdale Bank) on redemption statements is as follows:
Most lenders will not seal the discharge (this expression to include sealing the vacating receipt on a mortgage deed or sealing of Form DS1) until they receive the redemption money. This leaves the buyer's solicitor with a problem in that he has to be satisfied that the mortgage will be discharged and that he will obtain the receipted mortgage or Land Registry Form DS1. This problem is solved by the use of the solicitor's undertaking.
On completion, the seller's/lender's solicitor will provide the buyer's solicitor with a written undertaking to redeem the mortgage(s) in a form recommended by The Law Society similar to that set out below:
"In consideration of your today completing the purchase of ......... WE HEREBY UNDERTAKE forthwith to pay over to ............ Clydesdale Bank the money required to redeem the mortgage/legal charge dated .......... and to forward the receipted mortgage/legal charge/form DS1 to you as soon as it is received by us from ............Clydesdale Bank."
Before completion of a sale, the lender's/seller's solicitor will obtain a redemption statement calculated to the date of redemption. He will sometimes request the daily figure for interest which will be added if completion is delayed. If the lender supplies an incorrect redemption statement, the solicitor is likely to forward insufficient money to redeem the mortgage. The lender might be unwilling to discharge the mortgage and, if the solicitor is not holding more funds on behalf of the borrower, the solicitor would be in breach of his undertaking.
What can I do if I believe that the redemption statement with Clydesdale Bank is incorrect?
Do I need to get a solicitor when redeeming a mortgage with Clydesdale Bank? What would they do and would I be able to do it myself? What would be the approx. cost of the solicitor to deal with obtaining a redemption statement from Clydesdale Bank and paying off the mortgage?
Can you chase Clydesdale Bank for my redemption statement?
Do I as the borrower need to request a redemption statement from Clydesdale Bank ?
I've just requested mortgage redemption statement from our current lender (Clydesdale Bank, in case that matters), and I have a figure for tomorrow, and a figure for 1st December. There is a payment due by direct debit on the 28th ish of November. the figure for repaying today is about £120 less than the 1st December figure, which apparently also takes into account the payment due. So if we paid today, we'd pay about £850 less altogether than if we paid on the 1st December. It makes sense for it being a bit more die to the interest, but surely it shouldn't be that much? How can the interest in three weeks exceed the monthly amount?
Does the redemption statements request process change if I have an interest-only mortgage with Clydesdale Bank and my mortgage is coming to an end?
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 Clydesdale Bank contain this information?
What is the difference between the process of requesting an initial redemption statement from Clydesdale Bank and a final redemption statement?
What if the redemption statement from Clydesdale Bank shows that I am in negative equity?
What happens to payments that are not shown on the redemption statement from Clydesdale Bank?
Lenders such as Clydesdale Bank 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 Clydesdale Bank 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 Clydesdale Bank) 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 Clydesdale Bank) 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 Clydesdale Bank 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 Clydesdale Bank (see part 2). Conveyancers should check part 2 to see if Clydesdale Bank discharge via a DS1 form or direct notification to the Land Registry. The relevant part 2 section questions for Clydesdale Bank 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 Clydesdale Bank via this service?
A. Lexsure Redemption Statement Service does allow you to apply to Clydesdale Bank 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 Clydesdale Bank change their contact details for requesting redemption figures?
A. Yes it does.
Q. Does my firm need to be on the Clydesdale Bank 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 Clydesdale Bank 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 Clydesdale Bank. 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 Clydesdale Bank mortgage early, also known as redeeming your mortgage, contact Clydesdale Bank 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).
When asking for a redemption statement from Clydesdale Bank, 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 Clydesdale Bank at least 5 business days prior to the anticipated 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 Clydesdale Bank 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 Clydesdale Bank.
