What happens before money is released from mortgage lender for completion day??

dkny_2

Hi All,
We are completing next week hopefully..

Just wondering what actually happens before money is released by the mortgage lender and how it baiscally all works... found out that before the lender released money their were 2 requirements which have been sorted now and delat with do you know if there are anymore requirements or would they have mentioned this all together??

secondly as we complete on the friday 12th next week the solictror was saying she will be telling the lender to release money for thursday does this mean we can complete thursday?

thirdy have a few "special conditions" on the mortage offer 2 out of the 3 are sorted would this mean that if the 3rd one is not done (credit card closure) would they refuse for completion to go ahead?? how strict are lenders?? am worried will lose all the deposit the solictor has from me for completion and fees

Sorry with all the questions, am very worried something will go wrong and we wont complete... it would be good to hear other experiences like this and how you dealt with it..

As always thanks in advance :beer:

silvercar

the money will be released Thursday so the solicitor can use it first thing friday morning.

I would close the credit card to play safe.

Doozergirl

"Apparantly", mortgage lenders never check up on the special conditions though they generally expect what they've asked to be done within 6 months, not necessarily straight away.

Also, time between exchange and completion is relaxation time for you! The conveyancing is done and finished as far as you are concerned; your solicitor would not have exchanged if there were any real queries. Stop worrying!

I've not heard of it going wrong yet (and you'd think we'd see it on this board if it did). If anything did go wrong, you get to blame it all on your solicitor, so chill :cool:

Madjock

Some solicitors will require an undertaking from the borrower that they will pay whatever credit is to be paid. Some solicitors will pay it on the client's behalf. Some don't give a hoot.
Solicitors like to get the money the day before so that the transfer of funds can be processed early on the comp date. This means the client isn't still sitting in the estate agent's office at 3pm waiting for keys.

As a p.s., this is NOT FOR YOU DKNY, but things DO go wrong between exchange and completion. Everything in the garden ain't rosy all the time.

DKNY, it sounds like your completion is going to be straightforward and worry free. if the only condition left to fulfill is for the cr card to be paid off, it's fine. If your solicitor has been fulfilling conditions, it seems likely that the request for funds has been submitted, and in very good time to receive the funds next Friday.

Good luck with the move.

dkny_2

Thanks everyone for your replies, was hoping to hear this but am wondering how true this is, i still cant help worrying..

Does anyone know if, the house purchase will fall through at this stage?? we complete on the 12th of jan btw?

Thanks again

Madjock

DKNY, I'm sure your completion will be fine. I can assure you, people sometimes get their mortgage offer the day before they are due to complete. You are going to worry until you get the keys in your hand. just remember in a year's time how it felt when you unlocked your front door for the first time.

dkny_2

Madjock wrote:

DKNY, I'm sure your completion will be fine. I can assure you, people sometimes get their mortgage offer the day before they are due to complete. You are going to worry until you get the keys in your hand. just remember in a year's time how it felt when you unlocked your front door for the first time.

Hi madjock,
I wish i had your positive way of thinking, Its not been easy had a few hurdels along the way ... as you have said i think we will probably be more happier when the keys our in my hand.. Thanks so much for the reasurance, just hope and pray everything turns out fine..

Thanks again and thanks everyone for their sound advice

BANANABUS

sorry for jumping the post!
what have CREDIT CARDS to do with it?
We are near moving and have credit cards at our current address?
Sorry fo the question

dkny_2

BANANABUS wrote:

sorry for jumping the post!
what have CREDIT CARDS to do with it?
We are near moving and have credit cards at our current address?
Sorry fo the question

Its one of the requiremnts on the "special conditions" thats all, you dont have anything to worry about

good luck