Mortgage offer - time to completion

Milky_Mocha

Hello all, I'm looking for a bit of reassurance or a reality check.

I understand that there must be 5 working days between exchange and completion. Are there exceptions to this? Basically my bank has a backlog of mortgage applications and have explained that they will give me priority and will make every effort to issue my offer such that I can exchange and then complete on the date I indicated to them. My broker is also helping me push for this. However for a number of reasons I need to complete by Fri 16th and it looks like my mortgage offer will arrive on Tue 13th. Is there any hope of me completing on time?

I believe the time lapse between exchange and completion is to do with the transfer of funds hence the need to wait 5 working days. Is there usually allowance for an expedited transfer? I know that with my current account I have once transferred funds in the morning and had it arrive the same day at a charge of £35. Surely this can happen with mortgage funds?

Thanks

Mr_helpful

You can exchange and complete on the same day if you wish. Solicitor doesnt always like it coz it makes him work a bit harder.

Milky_Mocha

Really? I thought you could only do that if a mortgage was not involved or if you are buying off-plan or a brand new home from a developer. Does this mean the solicitor requests instant funds transfer from the bank? How does this work, please?

Madjock

The concern with getting the mortgage offer issued is for the documents that go along with it.
Your solicitor needs the mortgage deed and other paperwork related to requesting the funds. Most lenders can accommodate urgent timescales for the release of funds. Some will even fund on the same day they receive the request.
You need to be on the ball when your solicitor receives the paperwork and be ready to attend and sign whatever is required. You could get your broker to ask the lender if the solicitors pack is downloadable, some lenders have them available on their websites - but not to Joe Public.
All lenders have a completions team who deal with the submitted request for funds. Mostly it is a 5-7 day turnaround for funds to be transmitted. The paperwork will be either a Certificate of Title or a Report on Title. They are basically the same thing, different lenders call it by either name.
How quickly your lender can fund the mortgage will depend on the paperwork all being correctly submitted, no other mortgage conditions being outstanding, and how busy they are of course. If you are using a good broker, they should be able to sort a lot of this out for you, that's part of the relationship brokers have with lenders.

Mr_helpful

Mad Jock is right so all you have to do really is give your solicitor a large kick up the derrière

Milky_Mocha

Thanks so much for the explanation. I spoke to my solicitor about it. He said it is "possible" to complete within the timescales. "Lets wait for the offer to arrive and we take it from there".

Fingers crossed.