Can solicitor request mortgage funds before exchange?

GeekDom · 23 May 2013 at 12:26PM

Thank you for everyone's thoughts on my propsals. I was just wanting to protect myself against any issues between exchange and completion. Having seen the ugly side of this, it leaves a lasting effect.

Having read some of the posts on the pros and cons, do you think exchanging on say a Thursday and completing the next day (Friday) would be a compromise? I can let the solicitor dictate the exact dates, so they can be prepared.

Dave_Ham · 23 May 2013 at 12:30PM

I think you just need to ask the Solicitor what is stopping you from exchanging on a Thursday and completing Friday?

If they say any rubbish about getting funds from lenders etc. then just tell them that is not the truth and ask if they are too busy to do it as it can be done..

Some Solicitors are known to charge a premium if exchange and completion are less than a week apart.

GeekDom · 23 May 2013 at 12:44PM

Dave_Ham wrote: »

I think you just need to ask the Solicitor what is stopping you from exchanging on a Thursday and completing Friday?

If they say any rubbish about getting funds from lenders etc. then just tell them that is not the truth and ask if they are too busy to do it as it can be done..

Some Solicitors are known to charge a premium if exchange and completion are less than a week apart.

Thanks Dave,

Can I ask for your professional opinion? The lender is Halifax, and they said they would normally need 3 working days from request of funds to send the money.

So if it can be done, what's the best way?

Dave_Ham · 23 May 2013 at 1:00PM

Request the funds earlier and Halifax get the money their quicker than 3 days in almost all cases.

I have seen Halifax do same day and the funds still lands.

It is all going to come down to the Solicitor though...

khearn · 16 July 2013 at 9:26PM

Not sure if this is the right thread, but we are looking to exchange and complete within a couple of days of each other. Solicitors have asked for 10% upon exchange and the rest upon completion. The bank are charging £25 per CHAPS so I'm thinking of sending the whole lot in one go (saving myself £25 and a trip to the bank). Is there any reason why I shouldn't do this? Surely if it fell through (touch wood it won't) for any reason I would get the money back!?