Comfirmation from lender just before exchange ?

Tuscan

Can anyone please tell me if its normal for a solicitor to hold up an exchange when everything is in place and all partys are ready and a completion date set for 3 weeks later, saying that they need comfirmation from there clients lender that money will be ready at day of completion before they will exchange ?


Thanks

Thrugelmir

Usual yes. Setting a date and the money being in place are 2 different matters though. No funds. No exchange.

Tuscan

Thanks

The situation is we where all due to exchange last thursday (3 partys in a chain) and then our buyers SOL said on the day of exchange that they now wanted to get confirmation from there clients (our buyers) lender that money was available for completion in 3 weeksafter exchange (not deposit money). Surly this would already be sorted by this time with us all ready to exchange and there mortage offer in place ? this was all last thursday and we still havent exchanged and my SOL is now chasing up our buyers SOL to find out whats going on and getting nowhere with them...

thanks
T

Thrugelmir

Pure speculation as to what the hitch might be.

newbuyer84

I have worked in residential law and I cannot think of 1 lender that takes 3 weeks to draw down the mortgage monies.

usually they submit the certificate of title (request for mortgage monies) to the lender prior to exchange advising them of when the completion date has been agreed (not guaranteed) for and that they need the money at least 24 hours before the completion date.

it usually takes anything from 1-5 days to confirm that the funds will be released for that date, and this is sent in writing to the buyers solicitor so they know it is safe to exchange as they know the money will be in place for the date requested.

I'd push this matter and kick up a stink about it. They either haven't got their facts straight or they are stalling and made this little story up for some other reason.

Either way if I were in your position I would demand to know what was going on.

Hope that helps.

Tuscan

thanks everyone, we did push the mater today and we exchanged this afternoon

newbuyer84

Excellent news! Congratulations!