Your Statement from McVey & Murricane FAQ

This means that there are two charges - one for paying your lender to redeem the mortgage over the property being sold, and the other for the transfer of your funds to you as requested.

This is covered in detail in our guides. We require a minimum of three working days to ensure we are able to redeem your existing loan (if there is one), account for all known costs associated with your transaction, and prepare and check your post completion statement. Please note that Bank Holidays do not count as working days, and there will also be further delays around Christmas and New Year.

A CHAPS is a guaranteed same day payment. What we cannot guarantee is the time it will hit your account, which can be any time up to the end of the banking day. And please note that the banking day does not end at 17:00, with CHAPSes able to credit accounts up to 18:30. Kindly refrain from calling on the day your payment is to be processed, as we are unable to either provide a specific time or speed up the process for you. You should only contact us the following morning if funds have not been received.

Being strictly governed by Law Society of Scotland Accounts Rules, we are only permitted to pay sale proceeds to the person (or persons) who are on the Title to the property, In a joint transaction, we can pay to one or other person if we have a signed authority from the person who is not receiving payment, but under no circumstances can we pay money to somebody who is not directly connected to the sale.

While we know that the fact your transaction fell through may not have been directly your fault, and can have been upsetting to you, we do make it clear in our Terms & Conditions that a fee can be charged for the work to date. You will understand that we had carried out a significant amount of work on your case up to the point it stopped, and we do need to ensure that we cover at least our costs - the amount of work involved is not affected by the reason for the transaction not proceeding. Actually, in many cases, if the reason was not of your causing then we may actually have incurred many more man hours in attempting to rescue the transaction for you. Should the transaction resurrect, then we will absolutely take account of the fee you have already paid, as some of the work to date will not need duplicated. There may be duplication of some report costs for example, as these do have a finite life before we need to pay for updates.

We sent you an e-mail entitled "Important information for Clients who wish to port an existing mortgage XPORTX" and do not appear to have received a response. At this late stage it will be extremely difficult to get your lender to provide unambiguous confirmation that your ERC will be waived. Should you now instruct us to pursue a response on your behalf, then the fee will be a minimum of £150.00 plus VAT given the timescales involved, though we cannot guarantee that we will have a satisfactory outcome for you before settlement. The simplest route to now take is for the ERC to be paid, and, should your lender assess it is not due after settlement, then they will refund you. Alternatively, if you can get your lender to send us an e-mail, fax or letter confirming it will be waived, then we can rely on that. Please be aware however that some lenders falsely advise their customers that their Mortgage Offers or Redemption Statements provide clear instruction - some do NOT provide clear instruction, and rely on "IF" comments without providing the information required for the reader to be 100% positive. We have encountered issues before where we were given verbal confirmation based on literature with "IF" comments which proved to be wrong. We therefore will not take the risk.

The simple answer may be that your Estate Agent quoted you without VAT - so you would need to add 20% to the figure you expected. If that still doesn't explain the difference, or if you are still not happy that the figure is correct, then please contact your Estate Agent directly who can explain for you. We can only work from the figure they have told us.

This will either be because you completed the "ADS LBTT" tab on your Client Portal to confirm that it was due, or the Expert Review of your transaction concluded that it was due, and you would have been involved in that process. If you now feel you completed the tab incorrectly, then please do e-mail tft@mcvey-murricane.com with your comments and we can follow up with you. There will be an additional charge of at least £50.00 plus VAT to review your original submission.

If you are purchasing, and are taking out a mortgage, then the figure we quote for "Land Registration Dues" under Section "4 | GOVERNMENT TAXES PAID ON YOUR BEHALF" includes both an £80.00 Standard Security and a Disposition which is variable on the purchase price you are paying. The figures we have provided you with are correct. Sometimes when Clients check on line to verify these figures they a) don't include the Standard Security ; and/or b) look up the wrong fee tables for the Disposition. Please also note that Registers of Scotland increased Registration Dues across the board (and without consultation) in both October 2020 and April 2021, so if your quotation was issued prior to then you will see an increase in all Registration Dues which is entirely outwith our control.

"Our initial quote contained links entitled “Can this change?” which lead to an explanation of circumstances where additional charges might be incurred, and also links to our MMiExplains section on our website (https://www.mmilegal.com) and our Fees Transparency section. The quotation is never referred to as a set price due to these potential uncertainties as explained in our guides. Once you have reread your quotation, our online guides, and your pre completion statement (which details all fees and costs) then please do e-mail tft@mcvey-murricane.com with any specific queries you may have.
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Many banks have recently introduced new account verification checks. Unfortunately these are sometimes providing “cannot verify” responses in respect to our account with RBS, and with a wide range of other accounts too. We have raised this as a serious issue with RBS, as we can understand the concern that it is causing with several of our clients. The one thing we will highlight is that there is a difference in banking terminology between “cannot verify” and “is wrong”……….it simply means that the automated system working in the background cannot intelligently complete the required checking process, and not that the account itself is invalid or incorrect. As you will see, your bank has reported back an account name which very closely resembles that which you have been provided with. We would be happy with you proceeding based on that information, however to provide you with comfort, and as part of our commitment to security, we sent a text in advance of your pre completion statement, include full details via e-mail, and also reaffirm that our account details are verifiable on our website (https://www.mmilegal.com/your-security-at-mcvey-and-murricane).

The majority of our staff are working from home, using our investment in technology to provide as seemless a service as we can for our clients. A cheque requires much more of a traditional "hands on" approach, with the physical need for preparation and signatures. Cheques can therefore take up to ten working days to reach their destination, to not only take account of the increased administration, but also for delays with Royal Mail given the current situation across the country. Should you now wish to change your mind and receive a CHAPS transfer, then please e-mail tft@mcvey-murricane.com with full bank details for the account payment has to be made to. Please note this will cost £30.00 plus VAT as previously notified, and, given when we receive the required information from you, we cannot guarantee payment can be processed that same day.

Our Clients' financial security is of extreme importance to us. We therefore have a policy that we will only send funds by CHAPS, where there is a security check performed to confirm that the name on the account matches the details we have been provided. Banks are moving towards Confirmation of Payee (COP) on all payment types, but this is not yet fully in place. Being strictly governed by the Law Society of Scotland, and caring deeply about our Clients' security, we will only transmit funds electronically where we can be assured the correct payee is creditted.

Unfortunately we cannot account in advance for any cashback deals offered by lenders. Some lenders send funds after settlement as opposed to before, and some also pay directly to the Client. Hence, we do not factor these sums into the amount required from you. If there is a cashback deal and the funds are received by us, then we will repay that sum to you within 10 working days of receipt. It will be paid by BAC to the account you have sent your payment to us from, or will be included within your sale proceeds if you are selling and buying and are due money back.

You will receive post completion statements which represent our VAT Invoice to you. The VAT Invoice will detail the final figures and show a sum due to or by you. It will be in the same format as your pre completion statement so that the layout and style is familiar to you, and will allow for easy comparison. If there is a sum due to you this will be paid according to the instructions you provided us with. If there is a sum due by you, then payment should be made to the bank details provided to you, and within 7 days.

Is it possible for there to be additional charges incurred between the pre completion statement and the VAT Invoice. We try to provide you with the pre completion statement as early as possible so that you can plan your finances. In modern conveyancing, regrettably, a great deal can happen around the date of entry. If this activity discloses problems, or additional areas of work are involved, then additional fees or charges may be incurred. These will be detailed on the VAT Invoice.