How to redeem or settle your property finance

Redemption means buying out our share of the property by paying off the remaining finance. This could be done by selling the property, refinancing with another finance provider or using your own money.

A redemption statement shows exactly how much you need to pay to buy out our share and it includes all outstanding amounts.

You'll need a solicitor because we need to transfer the registered title of the property to you. Here's why this matters:

Right now, we hold the registered title of the property but you and we jointly have the beneficial ownership- that's how these finance plans work. When you buy out our share, we need to transfer the property’s registered title to you so you become the full legal and beneficial owner.

This is different from a regular mortgage, where the lender just removes their charge on the property. In our case, we're transferring the registered title from us to you.

A solicitor makes sure this happens properly. They'll handle all the paperwork, manage the money transfer, and make sure your title gets registered correctly with the Land Registry. It's all about protecting your legal rights.

Unfortunately, we can't reduce or waive the Early Redemption Charge if it applies to your plan. This charge is built into the terms of your agreement, so you'll need to pay the full amount.

We can't provide a redemption statement that far ahead because the amount you owe changes over time. Your monthly payments and profit rate might change, which affects your final balance.

When we give you a redemption statement, it's accurate and valid for the date stated on the letter only. For anything further ahead, just give us a call on 08000 353 253 closer to when you want to redeem your home purchase plan – we're happy to give you an estimated figure based on your current payments and rental rate.

Your redemption figure includes:

• The remaining balance on your home finance purchase plan
• Daily rent charges up to your redemption date
• An Early Redemption Charge (if one applies to your plan)
• A £400 settlement fee

To cover legal and administration costs associated with processing the Redemption

This depends on how you're planning to pay off your redemption balance. Redemption request form will show you exactly what documents we need based on your specific situation.

If we need any additional documents during the process, we'll let you know straight away.

Once we've instructed our solicitors and you've instructed yours, here's the step-by-step process:

1. Forms are exchanged - Our solicitors will send the required transfer forms to your solicitors to complete and send back.
2. Documents get prepared - Once our solicitors receive the completed forms, they'll prepare all the necessary documents for the transfer. They'll send one copy to us to sign and another copy to your solicitors for you to sign.
3. We sign and provide an undertaking - After we sign our copy, our solicitors will give your solicitors a written promise (called an undertaking). This confirms they'll send the signed documents once your finance is redeemed. Your solicitors can then arrange to transfer the title, as long as everything else is ready on their end.
4. Money and documents are exchanged - When the redemption completes, your solicitors will send us the repayment money. We'll confirm this with our solicitors, and they'll immediately send the signed documents to your solicitors.

The Land Registry usually takes between 12 months and 2 years to update their official records to show you as the legal owner. We know that sounds like a long time, but don't worry - your legal ownership is protected from the date your solicitor submits the application to the Land Registry, even if the paperwork isn't fully processed yet.

Yes, in some situations you can ask the Land Registry to prioritise your application. This is usually possible if you're selling, remortgaging, or if the delay is causing you legal, financial, or personal difficulties.

To request priority processing, your solicitor will need to provide evidence such as:

• A copy of your sale or purchase contract
• A mortgage offer letter showing when it expires
• Confirmation that another transaction depends on this registration being completed
• An explanation of any financial or personal problems the delay is causing

Once the Land Registry accepts a priority request, they typically aim to process your application within 2 weeks. However, it might take a bit longer if your solicitors need to answer any questions from the Land Registry.

If you want to do this, you should speak to your solicitors.