NRAM redemption statements, for conveyancers
Most of the claims risk on a redemption is in reading the statement rather than in obtaining it. This is what to read it for, and what to ask when it does not say.
- Minimum notice
- 5 working days
- Handbook reference
- Part 2 · 17.2.1a/b
- NRAM Part 2 last changed
- 2026
- Years with a change
- 3 of the 10 to 2026
- Jurisdiction
- England & Wales
Part 2 of the UK Finance Mortgage Lenders' Handbook is amended by lenders without notice. Check the current version before relying on any requirement described here.
What NRAM needs from you
The general position on a redemption statement is the same across the market. What differs is the lender's own requirement, and that sits in Part 2 of the UK Finance Mortgage Lenders' Handbook rather than in general guidance.
Three things decide whether a request comes back first time: enough notice, a clear statement of your authority, and a complete list of accounts. Give NRAM all three in the same letter.
Ask early enough to ask twice
Five working days is the minimum, and it is the minimum for a reason: if the completion date moves you need room to obtain a revised figure without holding up the chain. Treat it as the floor rather than the plan.
Say what your standing is
NRAM is being asked to disclose the state of a customer's account. Say in the request whether you act for the borrower or hold their written authority, because a request that does not say is a request that comes back asking.
List every account you know about
One charge can secure more than one loan, and a figure raised against a partial list is a figure that leaves the charge in place. If the official copies suggest borrowing you cannot account for, ask about it in the same letter.
Make a cheque hard to misapply
Payable to NRAM, with the mortgage account or roll number and the borrower's name on it. This is a fraud control rather than a formality, and it is also the difference between a payment that lands and one that sits unallocated.
Give a transfer something to match on
Send the account number, your firm name and your address with the remittance. An unmatched telegraphic transfer produces the delay the notice period was there to prevent, and it is a slow thing to unpick from the outside.
What to confirm on the NRAM statement, and what to ask about
Nothing here is about the arithmetic, which is the lender's. It is about what the figure relates to, what it covers, what it has assumed, and what it itemises.
Which charge the figure relates to
Confirm it matches the charge on the official copies, and not a different secured account in the same borrower’s name.
Whether it covers every loan on that charge
One charge can secure several loans. A figure covering one of them will not discharge it, and there may be further loans you need to ask about separately.
The assumption about the final monthly payment
Where a mortgage is redeemed mid-month, some lenders still require the whole month and others exclude future payments. The approach is often in the small print. If it is not explicit, get written confirmation of the assumptions used. Otherwise the client cancels the direct debit at the wrong time.
Early and final repayment charges
These should be itemised. Send the client a copy of the statement so they can confirm every loan they intended to redeem is included, and send a completion statement before completion so payment is authorised.
What follows a NRAM redemption at HM Land Registry
On the day of completion, send the discharge, if one is required, together with your remittance for the repayment. Part 2 of the Handbook is where the route is set out: one paragraph asks where the discharge and repayment remittance go, and the next asks whether the lender discharges by DS1 or direct with HM Land Registry. Check the current answers for NRAM before completion.
An electronic discharge is sent from the lender's system straight to HM Land Registry, which runs its checks and, in most cases, cancels the charge entries immediately on receipt. It needs no separate paper application and no manual intervention, and it can only be used for a discharge of whole. An e-DS1 is a distinct route: the lender indicates on the redemption statement that it will use one, you tell them which charges are being redeemed and pay in the normal way, and the lender submits the e-DS1 once the correct payment has been received.
Where the position is not explicit, the guidance the Building Societies Association and the Law Society issued to their members in 1985 still describes the expectation: lenders should aim to return the receipted mortgage or Form DS1 within seven days, and should tell the seller's solicitor if there is likely to be a delay beyond that, so the buyer's solicitor can lodge an application to protect priority.
Not a rhetorical instruction: NRAM has changed its Part 2 in 3 of the 10 years to 2026, most recently in 2026. Counted from the Lexsure Part 2 change record, which holds the years a Part 2 was amended rather than what any amendment said. Part 2 is amended without notice, so the version to read is the current one whichever way that count goes.
NRAM redemptions: questions conveyancers ask
Is your firm listed where borrowers are looking?
Panel membership decides whether you can act at all. LenderPanel maintains the directory borrowers search when they are choosing a conveyancer, including for NRAM.