Please note, whether you are a member of the public or a solicitor, you should not supply a mortgage account number with Royal Bank of Scotland 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 Royal Bank of Scotland, personal details or details of the property to which the redemption statement with Royal Bank of Scotland relates
Every month we receive enquiries as to where a conveyancing practice can retrieve a redemption statement from Royal Bank of Scotland. The purpose of this page is to assist in supplying contact information for Royal Bank of Scotland in terms of knowing where to apply for a redemption statement. We are not Royal Bank of Scotland
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 Royal Bank of Scotland, they must request a redemption statement from Royal Bank of Scotland, 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 Royal Bank of Scotland, 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 Royal Bank of Scotland 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 Royal Bank of Scotland 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 Royal Bank of Scotland 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 Royal Bank of Scotland and your remittance for the repayment to Royal Bank of Scotland. Check part 2 UK Finance Mortgage Lenders' Handbook for conveyancers for Royal Bank of Scotland to see if Royal Bank of Scotland 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 Royal Bank of Scotland) 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.
Exchange is constantly being delayed. It dawned on our seller on Tuesday that the redemption figure was incorrect from Royal Bank of Scotland so we are waiting for an adjusted redemption figure to be sent over by Royal Bank of Scotland to her lawyers. My conveyancer is still looking to be exchange and complete simultaneously today (subject to the revised redemption statement) Can the seller's lawyer call Royal Bank of Scotland and obtain the redemption figure over the phone or is a paper statement required?
I am completing my father’s estate by selling his house. The Solicitors fees for the sale is £675 plus VAT which seems reasonable. I asked Royal Bank of Scotland for a redemption statement. The solicitors are charging me an additional £100 in fees for redeeming the mortgage with Royal Bank of Scotland. Are these sort of fee's correct for a redemption?
Do I need to notify Royal Bank of Scotland that I have taken out mortgage redemption insurance?
Do I as the borrower need to request a redemption statement from Royal Bank of Scotland ?
Our purchase is on hold until the seller's current solicitor gets the accurate redemption statement from Royal Bank of Scotland. Do you have any idea how long this will take? It's been 48 hours already.
What happens to payments that are not shown on the redemption statement from Royal Bank of Scotland?
How long does Royal Bank of Scotland take to send out the redemption statement? Would it be by fax,post or email?
I plan to redeem my account on the first/second day of the month. Can I use a redemption statement figure from Royal Bank of Scotland from the previous month?
Are the Land Registry able to provide me with a redemption statement so as to enable me to discharge my mortgage with Royal Bank of Scotland?
Why am I charged a redemption fee?
Lenders such as Royal Bank of Scotland 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 Royal Bank of Scotland 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 Royal Bank of Scotland) 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 Royal Bank of Scotland) 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 Royal Bank of Scotland 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 Royal Bank of Scotland (see part 2). Conveyancers should check part 2 to see if Royal Bank of Scotland discharge via a DS1 form or direct notification to the Land Registry. The relevant part 2 section questions for Royal Bank of Scotland 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 Royal Bank of Scotland via this service?
A. Lexsure Redemption Statement Service does allow you to apply to Royal Bank of Scotland 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 Royal Bank of Scotland change their contact details for requesting redemption figures?
A. Yes it does.
Q. Does my firm need to be on the Royal Bank of Scotland 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 Royal Bank of Scotland 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 Royal Bank of Scotland. 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 Royal Bank of Scotland mortgage early, also known as redeeming your mortgage, contact Royal Bank of Scotland 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 asking for a redemption statement from Royal Bank of Scotland, 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 Royal Bank of Scotland a minimum 5 business 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 Royal Bank of Scotland 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 Royal Bank of Scotland.
