How long does the mortgage company take to transfer funds?

welshy1984

Hi I have been approved a mortgage all checks done the exchange will take place today or tomorrow.

The mortgage company are due to release funds, how long does it usually take to hit my solicitors account, ie 3 days to clear or 24 hours?

From_St_Neots

The solicitor will request funds in good time for completion. I think you start to pay interest as soon as funds are drawn so your solicitor will aim to get money into their client account the day before completion.

I wouldn't worry about it as your solicitor will have done this 100's if not 1,000's of times, there is more than enough to worry about in a house move.

Good luck with the move

Goldiegirl

They'd probably request the funds by CHAPS, which means the money would be in their bank account by close of business on the day they requested the money.

This is just all in a days work to the solicitor, so just let them get on with it, it's nothing to worry about

Thrugelmir

welshy1984 wrote: »

Hi I have been approved a mortgage all checks done the exchange will take place today or tomorrow.

The mortgage company are due to release funds, how long does it usually take to hit my solicitors account, ie 3 days to clear or 24 hours?

The funds are drawn down for completion not on exchange of contracts.

welshy1984

I know that we have exchanged today Tuesday and hoping to complete Friday - the funds were requested today and the solicitor is hoping we can complete Friday

welshy1984

Hi the mortgage company have confirmed that funds will be transferred to the solicitor today- will they clear by tomorrow?