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How long should the mortgage money take to come through?
nickinoo
Posts: 617 Forumite
Basically we've had a slight delay with our new build house & completion, it was delayed from 21st July to 28th July then they said it may be August! Anyway after a bit of badgering from me & the sales girl the builders have agreed that they are finally happy to fix a completion date of 28th July (YIPEE!!!).
The problem is the solicitor is wary as the NHBC certificate is only being done on July 21st & then our mortgage money has to be requested & cleared in time for completion. We only get 2 weeks notice from the certificate being issued anyway so it will be 4th August at the very latest when we move-I just want if done ASAP & so do our buyers as they are living in grotty, temporary accomodation. Surely the solictors will have to fix the date once they receive the notification?
Has anyone been there, done that etc?
Our lender is the Nationwide if that makes any difference.
The problem is the solicitor is wary as the NHBC certificate is only being done on July 21st & then our mortgage money has to be requested & cleared in time for completion. We only get 2 weeks notice from the certificate being issued anyway so it will be 4th August at the very latest when we move-I just want if done ASAP & so do our buyers as they are living in grotty, temporary accomodation. Surely the solictors will have to fix the date once they receive the notification?
Has anyone been there, done that etc?
Our lender is the Nationwide if that makes any difference.
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Comments
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My mortgage money is being secured by my solicitor the day before completion.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Yes, the solicitor requests the money the day before so its in the solicitors bank account ready to be passed on first thing in the morning of completion.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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silvercar wrote:Yes, the solicitor requests the money the day before so its in the solicitors bank account ready to be passed on first thing in the morning of completion.
Thanks, I wonder why my solicitors are cautious? Perhaps it's to do with the fact it's a new build, our buyers are cash buyers so there shouldn't be any delay with them.0 -
It takes a few days for the money to get into the solicitors bank account from the mortgage lender once it's requested- maybe this is why?
One of the members of our chain needed 7 working days between exchange and completion for this reason- not sure whether this may be something to do with it? Normally a quick call to your mortgage lender can sort it out.
Good Luck!0 -
a chaps payment should be same day between lender and solicitor0
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Thanks for all your replies, I thinbk I'll give the solicitors a couple of days & see what they say.0
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The solicitor has to book the money a week in advance (or 5 bank working days) so he needs to apply for it no later then the 21st for completion for the 28th, which is why hes probably concerned. If the certificate is held up for any reason it doesnt leave enough time. Also most solicitors will request that the money is in their accounts the day before completion so in this case he needs to request the money on the 20th0
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suki1964 wrote:The solicitor has to book the money a week in advance (or 5 bank working days) so he needs to apply for it no later then the 21st for completion for the 28th, which is why hes probably concerned. If the certificate is held up for any reason it doesnt leave enough time. Also most solicitors will request that the money is in their accounts the day before completion so in this case he needs to request the money on the 20th
Perhaps we'll aim for the early part of the following week then.0 -
Would be best, and its a lot less stressfull to book a mid week completion as theres less transfers happening and also if anything were to go wrong, you have the next day rather then having to wait a whole weekend0
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