Have completion date :) when will solicitor draw down mortgage?

okborednow

Hi all,

I'm buying a new build and i've been given my completion date of Dec 18th, woo-hoo! I'm very excited but wondered what happens now? At what point does the solicitor request the mortgage funds? The reason that i ask is that since the offer i've had an emergency and spent an extra 1.5k on my credit card and i'm terrified this means Halifax will pull my offer. Can my solicitor request the draw down now so i can be reassured that the money is there?

ethank

If they do that you will be paying interest from date funds are drawn down on the mortgage.

If you have already spent the money then they could still find out already.

okborednow

Thanks for your reply. I'm not saying i want to draw down now so they won't see the extra spending because i know if they credit check me they will. It's more once the funds either draw down or don't i know and can stop worrying.

okborednow

mini bump, any other advice please?

Gary123456790

The funds are usually drawn down a few days before completion.

Gary.

StuC75

If you have previously checked your credit file , then that would show the date at which the credit card company would normally update the credit file - usually with what the balance was at that time..

If the emergency has only been recent then it may not show on the file if the mortgage company were to re-check your file..

okborednow

Thanks for that guys, it was a few weeks ago so i'd imagine it will show. I guess i'll just has a nervous wait

mustang1

have you actually exchanged? If so then your solicitor will probably have already asked your bank to let them have the money on the 18th (or maybe the day before). The bank may credit check you again before sending the money to your solicitor and under the terms of your mortgage agreement, you are probably under an obligation to tell them about extra lending.

dgtazzman

I also do believe that the funds can be recalled at any time until completion is effected, even after they have been transferred to your solicitor, so it might be a pointless exercise anyway. If you used an IFA, ask them what they think, otherwise I would nudge towards just coming clean with Halifax and pray.

On another note, I don't know what to think. You are completing on a house sale this month, but a 1500 pound emergency has thrown you completely off, I would have thought you would have had some emergency funds, just in case...

pinkteapot

Our mortgage offer from Santander says that our solicitor must request the funds at least five working days prior to completion.

Doesn't say on what day they'll actually send the funds though...