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HSBC - how long for them to transfer mortgage funds
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# 1
cghkent
Old 07-10-2009, 8:14 PM
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Default HSBC - how long for them to transfer mortgage funds

Hi,

We should be exchanging on our first house tomorrow and we're supposed to be completing on the 19th. Our solicitor has just been told that it will take HSBC 10 working days to ensure the funds are in her account ready to complete, pushing completion back to 21st at the earliest. Anyone know how long other banks take - our solicitor is somewhat surprised that it will take such a long time for a simple transfer of funds when absolutely everything else has been in place for weeks!

Any info gratefully received!
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# 2
Gorgeestwo
Old 07-10-2009, 9:10 PM
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We were with Abbey, the money was sent to our solicitor on weds evening and we exchanged and completed on the friday. I think we were told that some banks could take up to 5 days, 10 days seems a long time :confused:
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# 3
cghkent
Old 07-10-2009, 9:19 PM
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That's what we thought - I think our solicitor was v. surprised it would take that long too... she's hoping to lean on them a bit and tell to pull their finger out...but knowing banks I'm sure it will make no difference whatsoever
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# 4
jill2002
Old 07-10-2009, 9:38 PM
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It really depends on how the funds are sent - there are various methods.

The payment from the Abbey was obviously sent by Telegraphic Transfer which is sent and received usually the following day. There is also a cost of (I think) 25.

Speak to HSBC to see which method of transfer they recommend to get the funds there in time.
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# 5
Trollfever
Old 07-10-2009, 10:23 PM
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CHAPS


29/08/2007


CHAPS stands for Clearing House Automated Payments System.


It is a computer system, which allows payments to be made electronically. The payment goes from the paying bank to the receiving bank on the same day.


http://www.bba.org.uk/bba/jsp/polopo...?d=828&a=10329
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# 6
cghkent
Old 07-10-2009, 10:50 PM
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Thanks for the replies so far. I still can't believe in this age of bacs, chaps and telegraphic transfers that it will take HSBC ten days from our sols giving them the go ahead to the money being in her account ready to complete....grrrrr.
Anyone else had this from HSBC?
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# 7
Margin_Walker
Old 07-10-2009, 11:17 PM
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Quote:
Originally Posted by cghkent View Post
Thanks for the replies so far. I still can't believe in this age of bacs, chaps and telegraphic transfers that it will take HSBC ten days from our sols giving them the go ahead to the money being in her account ready to complete....grrrrr.
Anyone else had this from HSBC?

Ten days is quoted to be on the safe side as the notice needed to guarantee payment. The funds are sent via CHAPS as stated above. In practice I have seen funds sent when notice is received as late as the day of completion on several occasions providing everything else was in place and it is chased by the solicitor.

I would encourage your solicitor to send through confirmation of when the funds are needed(certificate of title) as early as possible. They should then call the bank who will be able to tell them if there are likely to be any issues working to those timescales. As long as everything alse is in place I wouldn't expect completion on the 19th to be a problem.
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# 8
Richard Webster
Old 08-10-2009, 9:47 AM
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If you can get through to Sheffield admin centre on the telephone - if they have everything then I have found they can very often send the funds very quickly - like the next day.

However, I'm finding I am doing more HSBC mortgages than previously because they seem to have competitive rates at the moment so perhaps they are just very busy.

One quirk HSBC has is that (unlike most lenders) of sending out mortgage offer before the valuation has been done - so you have to check that they have the valuation otherwise they certainly won't release funds
RICHARD WEBSTER

As a conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability except to fee-paying clients.
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# 9
hoolah
Old 08-10-2009, 12:36 PM
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We are with HSBC and recently exchanged on 15th Sep and completed on 24th with no problems. All seemed to go very smoothly, even though there was two different mortgages for the new property.
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# 10
cghkent
Old 08-10-2009, 3:24 PM
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Thanks everyone, it's been really useful to know that 10 days was a 'conservative' length of time! We've been hounding (in a nice way!) both HSBC and the solicitor today and we're now just waiting for final confirmation from the vendors about the completition date.... Fingers crossed for exchange late this afternoon or tomorrow!
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