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Mortgage Question!
bennybroadbean
Posts: 92 Forumite
Just a quickie:
When you move house and the solicitor requests the funds from the mortgage company what is the time frame from requesting to them actually receiving the money - could it be the same day or is it for example a 3 day min cycle?
Thanks!
When you move house and the solicitor requests the funds from the mortgage company what is the time frame from requesting to them actually receiving the money - could it be the same day or is it for example a 3 day min cycle?
Thanks!
0
Comments
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Although funds COULD be transfered the same day, you really should allow a week to be safe. You wouldn'twant to be in the situation of having to complete on a purchase only to find that the bank have forgotton to get a bit of paper signed.
Your solicitor will sort all this out for you, so don't worry.0 -
Lenders vary and some now want 7 working days.
Trying to do it more quickly is sometimes a nightmare.
Clients ask why we can't fax to save time. When the post is working normally it doesn't save much time because lenders have mega fax machines that receive loads and loads of messages and it can take some hours for these to be logged and allocated to a file. A percentage get lost - I am sure there is someone who writes special software so that a certain percentage are automatically lost because I am sure other conveyancers will testify to the lender saying that they haven't had the fax and will we please send it again to this other number?RICHARD WEBSTER
As a retired 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 for it.0
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