Completion Statement

Mortgagemeltdown

Hi all,

I am on the final straight of my house purchase (I pray!!) after nearly five months of stress.

I received my completion statement last week and it states 'net advance received from Bank of Scotland', as well as all the other costs incurred in the purchase. At the bottom it states amount required by me to complete.

My question is…..does the above statement (about net advance received) mean that the solicitor has drawn the mortgage money and has it ready to complete?

I am due to complete on Monday (this has been in the balance most of the past fortnight since a covenant had to be dealt with on the property) so I am panic mode that the mortgage company are still in a position to pull the plug!

Any advice will be received with great appreciation!

hop3y

Mortgagemeltdown wrote: »

Hi all,

I am on the final straight of my house purchase (I pray!!) after nearly five months of stress.

I received my completion statement last week and it states 'net advance received from Bank of Scotland', as well as all the other costs incurred in the purchase. At the bottom it states amount required by me to complete.

My question is…..does the above statement (about net advance received) mean that the solicitor has drawn the mortgage money and has it ready to complete?

I am due to complete on Monday (this has been in the balance most of the past fortnight since a covenant had to be dealt with on the property) so I am panic mode that the mortgage company are still in a position to pull the plug!

Any advice will be received with great appreciation!

Why don't you ring and ask the solicitor?

Yorkie1

If you are due to complete on the next working day then yes, your solicitor should already have drawn the funds down from your lender.

Mortgagemeltdown

My solicitor is not open today and I have just been getting all paperwork in order ready for Monday. Just reading through it and its just playing on my mind….was just hoping somebody might have some knowledge to make the weekend a little less stressful.

Mortgagemeltdown

Thank you Yorkie1….first time buyer nerves….its been a LONG five months!!!

Mortgagemeltdown

Just to clarify a bit further, the completion statement has two columns, 'payments' and 'receipts'.

Under receipts is the 'net advance received from Bank of Scotland' showing the full amount of money being loaned to me for the mortgage, and also shows amount I've paid on account to the solicitors for work so far.

With the above in mind it would definitely seem the solicitor is in 'receipt' of the mortgage funds wouldn't it?

Sorry to be a pain but I can't believe how close I am to the final hurdle and am convinced something will go wrong.

Thrugelmir

Mortgagemeltdown wrote: »

With the above in mind it would definitely seem the solicitor is in 'receipt' of the mortgage funds wouldn't it?

No it wouldn't. The statement merely summarises the position for clarity.

If the solicitor doesn't have your funds to hand. Then they aren't in a position to complete on Monday as yet.

When did you receive the completion statement as your post refers to last week?

Mortgagemeltdown

I received it Wednesday last week.

Thrugelmir

Mortgagemeltdown wrote: »

I received it Wednesday last week.

And you haven't spoken to your solicitor since?

Mortgagemeltdown

Sorry….I should have said Wednesday just gone! I'm losing days, weeks, months with all this stress…..sorry!

But to answer the question, I have not spoken to the solicitor since then. He did say that providing he was satisfied the covenant was dealt with then Monday should still be the big day.

My mortgage is coming from the Halifax and from a lot of reading it seems they regularly, if not always, credit check prior to completion. Nothing is showing on my credit report from them since their last check a couple of months ago when I had to have my offer re-issued due to an error on it which I think is adding to my anxiety.

I am sorry for being a pest….I am a first time buyer and everything is so daunting!

Thrugelmir

Suggest you contact your solicitor first thing Monday morning. You are nearly there. Just need to get the final pieces into place.