Release of funds for completion

Thrugelmir

j_yorks wrote: »

Sorry for a further question - I'm just really worried about this and obviously not able to find out much concrete information until Tuesday.

The CML handbook says Barclays require 5 working days notice to release funds - is it therefore possible that they might require 5 working days from Tuesday to sort all of this out?

Obviously we may incur additional costs if completion is delayed, I have read lots of threads on here saying that we would not be personally liable as obviously it's not our fault, but how does this actually work in practice? Thanks to anyone who knows more about this than I do.

From your opening post.

They told me that my solicitor had reqeusted on the certificate of title that funds would be released on 28/3,

As completion is planned for the 29/3. Suggest you leave your solicitor to get on with the job in hand. You aren't the only people hoping to complete by the 31/3. So will a busy time in the office next week.

j_yorks

My point is that funds can't be released on 28/3 as its a bank holiday, so the solicitors have screwed up by even requesting this.
Barclays said they have marked the funds as being needed urgently on 29/3, since I phoned them on Saturday (which was pure chance). I was just wondering if anyone knows how likely this is to work, and what happens if it doesn't eg how long the delay would be.
I don't really have a huge amount of trust in my solicitors at this point.

Goldiegirl

Just try and relax a bit.

In these days of instant money transfer, funds can be with your solicitor in moments.

Even in the olden days, a solicitor could pick up a completion cheque from a local branch of the lender, so 'last minute' completions happened even back then

j_yorks

Thanks. That's very reassuring. Trying to relax! Not helped by the fact I'm 39 weeks pregnant so with a baby due in a week so the prospect of all this falling through is not appealing!

Trying_to_be_good

The money will go through pretty much straight away. In one way you're saving money - ordinarily they'd have advanced the money on Thursday (the working day before Tue 29 Mar) and you'd be paying interest on it for an extra 4 days.:-)

j_yorks

I'm glad you think so and I really hope you're right!