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Requesting Mortgage funds

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Hi

How long does it take for mortgage funds to be transfer to the solicitors account. Is there anyway that we could speed this up.

We are want to try and complete on the 5th April but are awaiting on some enquiries from then vendors solicitors.

However as it is Easter this weekend that doesnt leave us with a huge amount of time to play with.

Cheers
Now buying our second house:
Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19

FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/2103

Comments

  • ACG
    ACG Posts: 24,549 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    From the lender to the solicitor? Its pretty much instant, maybe a couple of hours. If its done after 2-3pm it might be the next day.
    I am a Mortgage Adviser
    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.
  • ACG wrote: »
    From the lender to the solicitor? Its pretty much instant, maybe a couple of hours. If its done after 2-3pm it might be the next day.

    But what about from the time that they request them, is there any sort of checks etc that the bank has to do before they release the funds?
    Now buying our second house:
    Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19

    FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/2103
  • Some lenders ask for 3-4 days notice to send funds.

    Thing is, the solicitor will not send off the certificate of title ie the request for funds until he has all the enquiries done. This should be the focus.

    Once these are answered, then you can bully the lender to release funds quickly. There are no other major checks done before funds are sent as long as the certificate is all correct.
  • shonzyd
    shonzyd Posts: 303 Forumite
    my solicitor gave the bank a weeks notice. If there are still enquries between the solicitors i would presume there is nothing you can do to speed this up. Have you told them when you want to complete?
    Trainee Building Surveyor


    DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013

    FINALLY IN MY FIRST HOME
    !!! WAHOOOOOOO! :beer:
  • shonzyd wrote: »
    my solicitor gave the bank a weeks notice. If there are still enquries between the solicitors i would presume there is nothing you can do to speed this up. Have you told them when you want to complete?

    It was the vendor that has suggested the 5th, through solicitors, and it just so happens to be the best possible date for us as well
    Now buying our second house:
    Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19

    FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/2103
  • We have had all enquiries completed and have had the contracts through to sign and have transfer the balance that the solicitor has asked for. unfortunately our solicitor was on holiday last week so unable to speak with her.

    If we hand deliver the contracts Tuesday morning is this likely to be enough time for our solicitor to get the funds for us to be able to complete for Friday?
    Now buying our second house:
    Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19

    FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/2103
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    When will your solicitor receive your funds?
  • Thrugelmir wrote: »
    When will your solicitor receive your funds?

    That is what I am try to find out, when will they get them if they request them tuesday
    Now buying our second house:
    Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19

    FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/2103
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    That is what I am try to find out, when will they get them if they request them tuesday

    The solicitor also needs cleared funds from you. Does the solicitor already hold the funds to effect an exchange of contracts.
  • Thrugelmir wrote: »
    The solicitor also needs cleared funds from you. Does the solicitor already hold the funds to effect an exchange of contracts.

    Yes those funds have been cleared already
    Now buying our second house:
    Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19

    FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/2103
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