completion question

aqueoushumour01

in terms of completion, is it better to organise mortgage funds to be transferred the day before completion day or is sending them on the completion date sufficient?

Are the mortgage funds paid directly to the seller's solicitor or to the buyer's?

PasturesNew

Your solicitor does the request for funds - and they are received into your solicitor's bank account the day before completion usually.

G_M

Best for the buyer to get their funds to thisr solicitor the day before. The mortgage company will do the same. The buyer's solicitor then has all the money (safely held in a separate 'client account') ready to pass to the seller (or their solicitor).

Richard_Webster

Money comes from lender to buyer's solicitor.

If you tell some lenders that you are completing on a particular day they will send the money that day but will not guarantee when in the day it will arrive. Therefore it is very common to tell lenders that completion is the day before it actually is in order to avoid the money not arriving until after the cut off time for completing. Buyer may have to pay extra day's interest but the alternative is possibly having to pay penalties if completion cannot take place because money does not arrive in time.