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Barclays - Certificate of Title / availability of funds

j_yorks
j_yorks Posts: 164 Forumite
in House buying, renting & selling
We have a mortgage arranged via Barclays and are hoping to exchange in the next little while.

Barclays certificate of title template says they need to receive it 7 days before completion. From looking on here it seems that apparently most banks can process this more quickly if required, but obviously we couldn't even send it to them until exchange.

How does anyone exchange and complete on the same day with this form having to be sent between the two and taking a while to process?

We are FTBs - grateful for any advice on the process! Thanks.

Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You predict what day you'll be completing on, and bear the risk of having to send the funds back to the bank if it doesn't happen.
  • j_yorks
    j_yorks Posts: 164 Forumite
    Oh I see, thanks - is that a potential disaster or does it happen quite a lot?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    j_yorks wrote: »
    From looking on here it seems that apparently most banks can process this more quickly if required, but obviously we couldn't even send it to them until exchange.

    What are you hoping to achieve by doing so?
  • j_yorks
    j_yorks Posts: 164 Forumite
    By doing what?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    j_yorks wrote: »
    Oh I see, thanks - is that a potential disaster or does it happen quite a lot?

    Only diastrous in the sense that you'd have to pay for CHAPS transfer fees and possibly interest - your solicitor can only hold on to the funds for a couple of days. It's probably less irritating than having to rearrange everything else.
  • j_yorks
    j_yorks Posts: 164 Forumite
    Ok. We don't hope to or plan on exchanging/completing on the same day, but just curious as to how it works. Thanks.
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