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A Little Confused, What Does This Mean?

Abbymoo
Abbymoo Posts: 190 Forumite
in House buying, renting & selling
Does this mean the funds will already have been transferred to the solicitor? "Nationwide is pleased to inform you that your solicitor has requested your mortgage funds to be released for a completion date of 26th March"

Got the text a few days ago but I can't quite get a grip on what it means.

Thanks.
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Comments

  • mrsmchapman
    mrsmchapman Posts: 358 Forumite
    I'm assuming you've exchanged in which then the solicitor will contact the mortgage company so the funds are clear in the solicitors account ready for completion date.
  • Abbymoo
    Abbymoo Posts: 190 Forumite
    mrsmchapman wrote: »
    I'm assuming you've exchanged in which then the solicitor will contact the mortgage company so the funds are clear in the solicitors account ready for completion date.

    Indeed we have. I'm just curious as to know whether the text means the funds have already gone to the solicitor in readiness or if they'll be sent nearer the time.
  • mrsmchapman
    mrsmchapman Posts: 358 Forumite
    To me I would take it that it has been requested and is on the way to the solicitor. I'm not sure the mortgage would have already sent as the solicitor would gain 3-4 weeks interest and banks wouldn't do that would they?!?

    Congrats on your exchange, happy new house :)
  • Abbymoo
    Abbymoo Posts: 190 Forumite
    mrsmchapman wrote: »
    To me I would take it that it has been requested and is on the way to the solicitor. I'm not sure the mortgage would have already sent as the solicitor would gain 3-4 weeks interest and banks wouldn't do that would they?!?

    Congrats on your exchange, happy new house :)

    Thank you :)
  • mrsmchapman
    mrsmchapman Posts: 358 Forumite
    I hope I get to your stage soon I bloody hate waiting haha :)
  • thelem
    thelem Posts: 774 Forumite
    The money will usually be sent to the solicitor a day or two before the completion date and you may be charged interest for this time.
    Note: Unless otherwise stated, my property related posts refer to England & Wales. Please make sure you state if you are discussing Scotland or elsewhere as laws differ.
  • Abbymoo
    Abbymoo Posts: 190 Forumite
    mrsmchapman wrote: »
    I hope I get to your stage soon I bloody hate waiting haha :)
    I just hope it HAS gone, worrying myself sick something will go wrong before the solicitor gets the money. Never moving again. EVER.
  • kingstreet
    kingstreet Posts: 39,232 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The solicitor has sent the Report on Title to the Nationwide to confirm exchange has taken place and to order the completion funds, probably for the day before completion.

    If he was ordering the money for now, you'd be paying your mortgage from a month earlier.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • mrsmchapman
    mrsmchapman Posts: 358 Forumite
    I think it's pretty safe to say you can start packing and arranging your move to your new home :)
  • Abbymoo
    Abbymoo Posts: 190 Forumite
    kingstreet wrote: »
    The solicitor has sent the Report on Title to the Nationwide to confirm exchange has taken place and to order the completion funds, probably for the day before completion.

    If he was ordering the money for now, you'd be paying your mortgage from a month earlier.

    So it can still go pearshaped up 'til then. Hey ho. Thanks.
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