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Mortgage completed today by my solicitor but no keys until Friday...

crob83
crob83 Posts: 56 Forumite
in House buying, renting & selling
meaning i start paying interest today- is this normal??? I thought I would start paying from the day I got my keys????

Comments

  • picardygirl
    picardygirl Posts: 558 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    why have you not got the keys ???? The property is legally yours upon completion, ie when your solicitor confirms funds have been transferred!
  • chickmug
    chickmug Posts: 3,279 Forumite
    Have you asked your solicitor to explain why?
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • crob83
    crob83 Posts: 56 Forumite
    The move in date was always FRiday and I called the bank there and they said they have requested the funds by today?!!! I am assuming this is so that they can transfer them to the vendor's solicitor by Friday?

    I don't want to call solicitor until I know where I stand. I thought that I would start paying interest on the day I collected the keys.

    Am I entitled to ask the solicitor to pay the two days interest???
  • mumoftwoandapig
    mumoftwoandapig Posts: 119 Forumite
    edited 24 June 2009 at 10:23AM
    ;) Read your correspondence from your solicitor. Mine clearly states that it is standard practice for solicitors to request money two days prior to completion to ensure the smoothness of the transaction and points out you will be liable to pay interest on mortgage from the day the money is released to your solicitor. Am pretty sure it will say that on your mortgage offer letter as well.
  • picardygirl
    picardygirl Posts: 558 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    mumoftwoandapig wrote: »
    ;) Read your correspondence from your solicitor. Mine clearly states that it is standard practice for solicitors to request money two days prior to completion to ensure the smoothness of the transaction and points out you will be liable to pay interest on mortgage from the day the money is released to your solicitor. Am pretty sure it will say that on your mortgage offer letter as well.

    I agree with mumoftwoandapig ...... your solicitor has to get the funds before completion to ensure smooth sailing on friday. It would complicate matters and cause too many delays if solicitors waited til the day of completion to ensure they have the money.

    You've havent completed today. Hope all goes well with your move.
  • crob83
    crob83 Posts: 56 Forumite
    I have nothing from my solicitor saying that but the banks offer letter says that it is normally the day before. Two days just seems silly!
  • picardygirl
    picardygirl Posts: 558 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Think you should speak to your solicitor then! I personally dont think its silly, anything to ensure a smooth completion on friday.
  • ILW
    ILW Posts: 18,333 Forumite
    Dont think I could get that worked up about 2 days interest.
  • crob83
    crob83 Posts: 56 Forumite
    Thanks- I am fine now. JUst maybe extra worked up as due a baby in 4 weeks!!! Thanks again!
  • chickmug
    chickmug Posts: 3,279 Forumite
    crob83 wrote: »
    I have nothing from my solicitor saying that but the banks offer letter says that it is normally the day before. Two days just seems silly!

    I expect (or should I say hope) the only aspect your solicitor is guilty of is NOT keeping you in the picture with all aspects of the legal work. They NEVER do.
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
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