Mortgage Drawdown Advice Please

donkey1969

Another question ( sorry )
We are hoping to exchange and complete next week on our purchase, been into sign today, vendor signing Tues, so we said to sol can we exchange and complete Tues or Weds, but she said no, will be Fri @ the earliest, she will start the process of asking Lloyds for our mortgage funds today but will take 5 days to reach her account, is that correct? spoke to mortgage guy at the bank last week and he said 48 hours, but she is adament that it will be Fri, we really need Weds as we need to give 1 months notice on Weds on our tenancy so we dont go into the next rental period, so only pay 1 mths rent rather than 2.
Is there anything we can do to speed up the money drawdown at all?
thanks

Meeper

If you are giving your 1 month's notice on Wednesday, why can't you complete on Friday, as you will have a month to sort everything out?

donkey1969

Meeper wrote: »

If you are giving your 1 month's notice on Wednesday, why can't you complete on Friday, as you will have a month to sort everything out?

I'm not willing to give in our notice at our rental property until we have actually completed, we have a son who is wheelchair bound and have very specific needs with regards to his accomodation and 2 babies under 2, not a risk I can take, would rather bite the bullet and pay out another £1500 in rent and council tax if I have to.
That is why we have always aimed at exchange / completion by the 14th.

Yorkie1

If your solicitor is adamant about the earliest date for receipt of the funds then I can't see you moving it forward. Also, if there is a chain involved then others will be working towards that date too.

As others have said, you are 99.99% safe to give notice once exchange has occurred. Most solicitors never encounter failure to complete post-exchange in their entire careers. If you are adamant that you won't give notice until after completion then I am afraid it looks as though you will have to pay the double amount.

donkey1969

Yorkie1 wrote: »

If your solicitor is adamant about the earliest date for receipt of the funds then I can't see you moving it forward. Also, if there is a chain involved then others will be working towards that date too.

As others have said, you are 99.99% safe to give notice once exchange has occurred. Most solicitors never encounter failure to complete post-exchange in their entire careers. If you are adamant that you won't give notice until after completion then I am afraid it looks as though you will have to pay the double amount.

Thanks, no chain involved, spoken to mortgage adviser at bank and he says funds can be drawn down straightaway by making a phonecall, so will get back on to the sol monday and press her, she has seemed very reluctant to exchange and complete on any day but a friday all the way through, not sure why.

Thrugelmir

Have you agreed the completion day with your vendor?

Is the property currently vacant?

dimbo61

For some reason a lot of exchanges/house moves happen on a friday so then if you do have problems you need to wait until monday to contact the solictor, boiler repair man, estate agent etc !!!!!

Thrugelmir

dimbo61 wrote: »

For some reason a lot of exchanges/house moves happen on a friday

Makes life far easier when building a chain.

Yorkie1

Although people do do it, there are good reasons why exchanging and completing on the same day can be risky. The main one is that until you have exchanged, you have no guarantee that completion will occur; but once completion has occurred you have to get out. If you plan your removals / post redirect / annual leave etc around the single day when everything is due to happen, you run the risk of being out of pocket etc if something delays it at the last moment.