Exchange & completion same day - tomorrow! Slight dilemma today

newbie_emma

We're at the stage now where we are due to exchange and complete tomorrow (arghh!!). Our solicitor has asked Santander to provide the mortgage funds for tomorrow, so assuming the money reaches the solicitor in time, everything should go smoothly...

My dilemma is, do I phone Santander today to confirm they are ready to send the money over to make sure it's done, or do I wait until exchange and completion tomorrow? I've got one person telling me to chase Santander to make sure everything goes ok, and another person telling me there's no point as Santander won't release funds until the house all goes through tomorrow.
Is this right? I thought it couldn't all go through until the vendor has got all the funds?

Am I panicking over nothing? Advice greatly appreciated :eek:

pinkteapot

I've never bothered phoning the mortgage company to check. Three moves, three mortgages, and the solicitor has always sorted it out directly with them. You shouldn't need to chase them yourself?

LandyAndy

newbie_emma wrote: »

Am I panicking over nothing? Advice greatly appreciated :eek:

Yes. .

helibob

My understanding is that the bank release the funds to the solicitor prior to completion. You shouldn't need to chase Santander, but they may be able to reassure you. I'd also be inclined to speak to your solicitor and ask for reassurance there too. It's natural to panic over something so massive as a house purchase.

cajef

You leave it for the solicitor to sort out, they know what is involved and that is what you are paying them for.

System

Your Solicitor will do what they've done thousands of times before and get Santander to send the mortgage money to them as stated.

No dilemma for Emma here

pinkteapot

They also know the right terminology and timescales. There's a chance you'll have a conversation with Santander that panics you unnecessarily, because they misunderstand what you're asking them.

Ring your solicitor if you're worried. Ask them when they expect the funds in from Santander. They may even have them already! You could phone Santander afterwards if you're really worried.

Richard_Webster

If exchange and completion are to be on the same day you have presumably been told the risk that it might not happen - and the hassle and costs that would occur in that event.

The whole point of delaying the exchange is that your solicitor should not be stupid enough to exchange until he actually has the money from Santander. If the money doesn't come through for some reason he wouldn't exchange for completion that day because if he did you could be sued for not completing!

Your solicitor will be phoning Sanatnder to make sure the money comes - that's his job.

It is sometimes necessary to fax the formal request for funds to various fax numbers at Santander until someone admits they've got it and the miney is coming!

newbie_emma

Yes we've been aware of the risk all along, as it's a repo so been advertised right up until now, too. One of the reasons why I'm so stressed with it all! The vendor actually phoned our solicitor yesterday to say their notice had now expired and we can exchange/complete in the morning (today!!!). So fingers crossed everything goes smoothly today!:eek:

DaftyDuck

Relax (!!!) and leave it to the professionals. Then, at least, you can blame them when it all goes bottom up! Which it is less likely to do if you let them do it their way. If you do want to chase, I'd do it all through your solicitor at this stage.

newbie_emma

Thanks DaftyDuck. I must have been worrying over nothing because we've now completed and can collect our keys later tonight! :T:beer::j