Mortgage drawdown

Wales1783

I am due to complete on Thursday :j

At what point should my solicitor request the mortgage funds? I am getting mixed report of same day - 5 days. The mortgage is with TSB. My solicitor has advised they will request it the day before, but I am concerned that this will not be enough time, given what I have read online.

Thanks!

kingstreet

Your solicitor will submit the certificate of title in time for the funds to be released according to contractual and lender requirements.

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cns06

My solicitor advised the bank want 5 working days. It will be set out in the pack sent to the solicitor I expect. Thus, for your lender perhaps 1 working day is enough. Its also worth noting that some lenders have a panel of solicitors who they deal a bit more openly with - so they can often request funds earlier, later etc as the lender has some knowledge of their SOP. HTH.

Contemptuous

Depends on the firm really. I know TSB have agreements with certain large firms whereby they submit the COT very close to completion, however they typically want 5 working days notice.

Contemptuous

Did you solicitor mean they'll request the funds to ARRIVE the day before, I.E. on the Wednesday? Many firms do this.

davidmcn

Wales1783 wrote: »

At what point should my solicitor request the mortgage funds? I am getting mixed report of same day - 5 days. The mortgage is with TSB. My solicitor has advised they will request it the day before, but I am concerned that this will not be enough time, given what I have read online.

As already suggested, is it possible you've picked this up wrongly? They may have meant they will request that it is transferred to their account for the day before completion, rather than they'll only make the request the day before. If you've exchanged then they may well already have requested the funds.

Anyway - although the lenders state those sorts of timescales, in general they don't need so much notice. 24 hours is fine, if urgent even same day can be achieved. I wouldn't worry about it.

amnblog

Your solicitor will have the funds available on time.

Drawing down down funds is so fundamental to what they do that not getting them would be like Lewis Hamilton forgetting to put his helmet on.