How long will it now take to complete?

sturgeon

My purchase of a new build is almost complete, I got my mortgage offer last Friday. My solicitor is at work and we were going to exchange Monday just gone but it has now been decided we will both exchange and complete on Friday.

Apparently they requested the funds from the lender (Halifax) yesterday and were 'chasing this' with them today. I have an irrational fear something will go horribly wrong and Halifax won't release the money-the fact they requested the funds yesterday and haven't been told anything untoward should mean things are fine, right?

How long will it take for the funds to be transferred from the lender to my solicitor? I just think it seems a bit quick for them to complete on friday as they only requested funds yesterday. Also as it's a shared ownership property they also need funds from the government scheme.

Is Friday still feasible? I thought it could take weeks to get the money from the lender!

ianbrown

I'm not an expert but don't they do it on a same day payment - and charge you £25 for the pleasure?

I've never known a cheque to be sent its always just 'there' on the day.

Like I say not an expert but pretty sure,

Not sure about the funding from the shared bit though...

HTH

opinions4u

sturgeon wrote: »

Apparently they requested the funds from the lender (Halifax) yesterday and were 'chasing this' with them today. I have an irrational fear something will go horribly wrong and Halifax won't release the money-the fact they requested the funds yesterday and haven't been told anything untoward should mean things are fine, right?

If the funds were requested in the afternoon, they wouldn't arrive until the following day.

How long will it take for the funds to be transferred from the lender to my solicitor?

Minutes, once the payment is initiated by Halifax. They very kindly charge you £30 for this

Also as it's a shared ownership property they also need funds from the government scheme.

No idea about HM Government side of things. If there's any left over after paying for moat cleaning and the like you should be okay though.

Is Friday still feasible?

Yes. But ask your solicitor these questions - he/she is closer to the action and is charging you enough to be able to put your mind at rest.

mustang1

I thought lenders usually required at least 5 working days notice to guarantee funds being provided on a specific day. I hope Halifax manage to turn things around quickly for you but be prepared for things to be delayed until Monday / Tuesday next week. Just don't exchange contracts unless you have confirmation from Halifax that they will let you have the monies by the completion date you agree.

sturgeon

Ok thanks for all the advice.

Seeing as the funds were requested yesterday, can I put to rest my irrational fear that Halifax would have inexplicably changed their minds about my mortgage offer and refuse to release the funds? I know that question is ridiculous. Just this whole process has been a nightmare.