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Monday completion

coronita
coronita Posts: 7 Forumite
in House buying, renting & selling
Hi,

Sorry if this has been asked, but I have some questions regarding the release of mortgage funds that I can't seem to find answers to with a Google search.

I am completing my flat purchase on a Monday, and for the sake of a smooth completion, I'd want my solicitor to request my mortgage funds from the lender the day before, but does this mean it has to be the Friday before? Can solicitors make a request to have funds paid into their account on Sunday by the lender? It's not a huge problem if that's not possible, but I just thought that could at lease save me the interest for a day or two. I'm going to ask my solicitor on Monday but just thought maybe I could get some info beforehand.

Thanks in advance!
«1

Comments

  • dimbo61
    dimbo61 Posts: 13,716 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Do you know any banks OPEN on a sunday ?
  • dimbo61
    dimbo61 Posts: 13,716 Forumite
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    You pay interest on the money you are borrowing from the day it goes into your bank account or the solicitors business/ client account !
  • coronita
    coronita Posts: 7 Forumite
    Yes I understand, which is why I am wondering if I can avoid having the funds released on Friday while I pay interest for the Saturday and Sunday, only to complete on Monday. So I guess it'll either be that, or I have to risk potential delays for my completion if I choose to have funds released on my completion day?
  • sevenhills
    sevenhills Posts: 5,882 Forumite
    First Anniversary Name Dropper First Post
    There is a £20 charge for the same day transfer of large amounts. I believe my solicitor already has the funds from my mortgage provider, for my house sale on Monday.
    At the beginning of this week, I received a letter from my mortgage provider telling me when my first mortgage payment will be.
  • kingstreet
    kingstreet Posts: 38,763 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Your solicitor does this hundreds of time a year. Give them credit for being able to ensure they have the funds in time for a Monday completion.

    They may well have submitted the Certificate of Title to the lender on the Monday before to meet the lender's requirements.

    You need to relax and accept you can't control every aspect of your life. If your solicitor decides to get the money on Friday you are paying from Friday.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Flat_Eric
    Flat_Eric Posts: 4,060 Forumite
    First Anniversary First Post
    If you have a Monday completion then your solicitor will request funds to arrive on the Friday before which is when you will pay interest from.
  • coronita
    coronita Posts: 7 Forumite
    Thanks everyone! Like I said it's no big deal either way but it's always good to have some idea of what to expect
  • steampowered
    steampowered Posts: 6,176 Forumite
    First Anniversary Name Dropper First Post
    I was under the impression that solicitors needed to request funds 5 working days or so before completion? Not the day before!

    Your solicitors are the experts - make sure they confirm to you that they are aiming for a Monday completion, then let them do their job.
  • beeg0d
    beeg0d Posts: 179 Forumite
    First Anniversary First Post Combo Breaker
    dimbo61 wrote: »
    Do you know any banks OPEN on a sunday ?
    yup, pretty much any branch of metro bank :)
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    coronita wrote: »
    Hi,

    Sorry if this has been asked, but I have some questions regarding the release of mortgage funds that I can't seem to find answers to with a Google search.

    I am completing my flat purchase on a Monday, and for the sake of a smooth completion, I'd want my solicitor to request my mortgage funds from the lender the day before, but does this mean it has to be the Friday before? Can solicitors make a request to have funds paid into their account on Sunday by the lender? It's not a huge problem if that's not possible, but I just thought that could at least save me the interest for a day or two. I'm going to ask my solicitor on Monday but just thought maybe I could get some info beforehand.

    Thanks in advance!

    If you were transferring £100,000 for three extra days, the interest you'd lose would likely be in the region of £10 to £20.
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