Really stupid FTB question - mortgage on completion

lil_miss_insanity

Sorry straight off for being quite so clueless - I'd ask my solicitor but made mistake of going for a cheapy online one that takes forever to respond to calls. We are hoping to exchange soon and then complete by next Friday.

How does the mortgage get from the lender to the solicitor on completion date? Do I have to do anything to get the lender to send the funds, or does the solicitor do that bit now they have all of the paperwork? Neither mortgage broker, solicitor nor any of the paperwork I've read seems to cover that, short of solicitors saying they want mortgage funds day before completion to avoid delays.

Thanks for your help - I just don't want to be missing any important steps!

WestonDave

Your solicitors will also be working for your lender to register their charge over your property. They will report to the lender when ready to complete and get the funds sent to them. If you have signed everything and sent it back to the solicitors apart from signing your mortgage contract and sending that back to the lender then it should all be handled by the solicitors. If the solicitors are bright and the lender is sensible the funds will get sent down the day before so as to be ready first thing.

lil_miss_insanity

Thanks WestonDave, that's really clear.

Yes, the paperwork did say the solicitor wanted the funds sent the day before and we may incur more interest because of that - it's just the way it was put made it sound like I needed to send it, which didn't seem right.