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Nationwide releasing of funds
Teaandtoast0124
Posts: 150 Forumite
Hi I have had a text off nationwide saying there releasing the funds on the 28th april. What time does nationwide usualy send the money to the solicitor on that day?
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About 09:26.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Teaandtoast0124 wrote: »Hi I have had a text off nationwide saying there releasing the funds on the 28th april. What time does nationwide usualy send the money to the solicitor on that day?
Bit of a pointless question. It is not the time the funds are transferred that will be the issue, as when the solicitor decides to complete the transaction.0 -
Let_Us_See wrote: »Bit of a pointless question. It is not the time the funds are transferred that will be the issue, as when the solicitor decides to complete the transaction.
Im just worrying the lender may pull out last minute. So if king street is correct (9.26am haha), as from 9.27am i will start feeling a little hopeful.0 -
If they have agreed to release the funds I very very much doubt they're going to pull out. It's not worth worrying about. They would have carried out their final checks before agreeing to release the funds.0
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I feel better. Thanks lee0
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I was just messing about, as I hope you guessed.
Normally, lenders transfer all the funds overnight, so the solicitor comes into work in the morning, signs into their banking and finds the fund ready and waiting.
If you are first in the chain, our funds will be sent to the vendor's solicitor first. If you are later, the chain has to start with the FTB or non-seller and work its way up.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
We completed on Monday with nw as our lender. We were told we had completed by 11 (our solicitor sent the funds to their solicitor at 10:00)0
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