Santander release of funds

InhaleMood

Hi,

Does anyone know what the minimum amount of time Santander need to release funds between exchange and completion?

savingbee

5 days apparently, but I've heard it can be done quicker x

InhaleMood

I have just finally managed to get hold of someone at Santander, and yes you are right. 5 days officially but they can reduce that down.However, now my solicitor is saying they wouldn't set the completion date for any earlier than 5 days as it can't be guaranteed that the funds will be in place in time.
Is that right? Should I push it?
I understand what the solicitor is saying, I am just desperate to get in. After the 6th December I have nowhere to stay

savingbee

I am also with santander. on the mortgage offer it says a minimum of 5 working days for the funds to be released. I think if there was a problem ie exchange being delayed etc. then they can push it. are you ready to exchange and complete? x

InhaleMood

I am and the vendor is. My solicitor has just supplied Santander with a couple of last points and we are waiting on them to come back.
We were due to exchange Monday, my solicitor highlighted one delay, then Tuesday, today she told me about another.
I have no idea when it will happen. All I know is I need to be in by the 6th!

rizwan567

Savinbee and Tania

Did you go through broker or direct to the bank. Can you please post your timelines and steps for mortgage process?

For example:

AIP date
Full mortgage application date and mode of application (like by brother, on phone or by going in brach)
Documents submission date and what documents submitted
Any query made by the bank
Date sent for validation team and underwriters
Date reply received from underwriters
Valuation date


Actually, I have myself made application with Santander and I am very nervous and waiting for decision from underwriters. I may get little bit releaxed after comparing my experience with yours.

I will appreciate your feedback on relaxing my nerves. Thanks in advance.

savingbee

Offer accepted 30th Sept
AIP and full mortgage application 1st Oct
mortgage approved subject to valuation 7th Oct
Valuation 17th Oct
Offer received 24th Oct
Solicitors instructed 27th Oct
Searches & enquiries Raised 5th Nov
Contract signed 20th Nov
Searches & enquiries back 26th Nov
Exchanging tomorrow
completing 6th Dec

I went through a broker.. hope this helps xx

FTB_Doll

Im exchanging tomorrow and completing Monday. My solicitor hasnt mentioned any problems x