Is it worth calling the mortgage provider myself?

nobodysdriving

Hi

I have a shared ownership mortgage from Kent Reliance

I am due to complete soon, Housing association is looking at taking completion of new built block of flats this wednesday, so then my solicitor can request the mortgage funds.

They told me Kent Reliance takes 5 days to issue the money,
I asked if we can do it any 'quicker' even by paying a fee, they say they are 'dead fixed' on 5 days and will NOT doing any quicker.

Is my solicitor just trying to 'fob me off' shall I call Kent Reliance to find out a bit more? on the mortgage offer there is their number and it says I can call them with any questions.

they are probably just telling me the truth is just that one always hopes :rotfl:

thebritishbloke

Is there a reason that you need it earlier?

Thrugelmir

Due process has to be followed. Not simply a question of ringing up to request a drawdown. Even the lender may perform final checks themselves.

ACG

Once the lender has CoT they can request funds sooner but lenders all say to leave certain timescales. It can be done sooner, but there is no guarantee it will be.

Personally I would just go with the process and not tr to rock the boat unless you really have to.

nobodysdriving

ACG wrote: »

Once the lender has CoT they can request funds sooner but lenders all say to leave certain timescales. It can be done sooner, but there is no guarantee it will be.

Personally I would just go with the process and not tr to rock the boat unless you really have to.

Hi ACG thank you (and thanks to others too)

I was just checking if they are 'fobbing me off'

what is CoT??

my situation at present:

Housing association did not build the block of flats

because of this they are waiting to take over the development from the constructor any day now, this is now 'finally' (after TWO MONTHS OF DELAYS) set to be this wednesday coming. This is 'subject to building control sign off' which is meant to happen Monday PM.

My question is: when will the solicitors be able to request funds from Kent Reliance? Monday when this 'building control sign off' happens or wednesday, the day that they are 'taking over'?

if so does that mean I am not going to receive the mortgage until FIVE working days AFTER WEDNESDAY? ie wednesday/thursday week after (4th december?) is it always 'working days' or 'calendar days'??

what's the hurry? well nothing really, I am homeless anyway HAHAHAHAHAHAHA :rotfl: but really any day or hour earlier is a blessing in my situation, after sleeping on different floors for 2 weeks now I've had enough but of course I have no choice but wait!

PS I have paid my deposit to solicitors and signed lease/contract and stamp duty form last week by the way, they say I am 'good to go' nothing further to sign or do!

sorry.....me being me....I am being 'stupid/thick' :rotfl:

but chaps is a quick payment method right?

http://en.wikipedia.org/wiki/CHAPS

so why is it 5 working days to get this mortgage funds released??? (on my mortgage offer it says they will charge me £25 for CHAPS for the mortgage money to be paid??)

Thrugelmir

nobodysdriving wrote: »

(on my mortgage offer it says they will charge me £25 for CHAPS for the mortgage money to be paid??)

That's what banks charge for same day transfers.

So a disbursement not a charge by the solicitor.

nobodysdriving

Thrugelmir wrote: »

That's what banks charge for same day transfers.

So a disbursement not a charge by the solicitor.

yes I knew that thank you, what I am wondering, 'why' use CHAPS (which only takes hours) but still take FIVE DAYS to give you the money???

Contemptuous

The CHAPS process is same day, but sounds like the lender requires five days notice to set up the transfer. I thought this was pretty standard..

PBA

As soon as you've agreed a completion date and they've completed all their work then they can request the funds. Part of that work is checking that all the legal bits and pieces are in order, and a big part of that is checking compliance with building regs, so they won't be able to sign off until that's done.

The 5 day rule is just a request from the BS for the amount of notice they need to guarantee funds being available on a particular date. It's nothing to do with the time for a CHAPS transfer, that is near enough instant, but to give the lender time to do their final checks before releasing the money. There's nothing stopping your solicitor from requesting the funds without giving 5 days notice, the worst that can happen is that you'd have to wait 5 days anyway but they may well be able to release sooner.

I wouldn't suggest phoning the lender about it. If you come across like you're trying to push them into releasing the funds without doing their full checks then they may end up wanting to do further checks delaying your completion even more.

nobodysdriving

PBA wrote: »

As soon as you've agreed a completion date and they've completed all their work then they can request the funds. Part of that work is checking that all the legal bits and pieces are in order, and a big part of that is checking compliance with building regs, so they won't be able to sign off until that's done.

The 5 day rule is just a request from the BS for the amount of notice they need to guarantee funds being available on a particular date. It's nothing to do with the time for a CHAPS transfer, that is near enough instant, but to give the lender time to do their final checks before releasing the money. There's nothing stopping your solicitor from requesting the funds without giving 5 days notice, the worst that can happen is that you'd have to wait 5 days anyway but they may well be able to release sooner.

I wouldn't suggest phoning the lender about it. If you come across like you're trying to push them into releasing the funds without doing their full checks then they may end up wanting to do further checks delaying your completion even more.

thank you, this is helpful

as the 'Building Control Sign off' is Monday afternoon then maybe my solicitors can request funds on Tuesday then (if that goes through smoothly on the monday of course) as that is the very last thing due to be done we've been told....fingers crossed