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Solicitors hold all the money but delaying exchange.
Comments
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I was going to question this too. If the loan is a mortgage then I've never heard of a lender releasing funds any earlier than a day or two before completion.
The lender relies on the information from the solicitor, and on their standard instructions that the solicitor isn't to sit on the money for more than a couple of days without telling the lender that completion has been delayed. Sometimes solicitors are naughty...0 -
Mmm well if we are delayed I'll let the FA know, they should be able to get the bank to pull back the funds if it comes to that.0
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The reason the solicitor is not supposed to call down the funds early is because interest will begin accruing from that day, so if they sit on it for a week or even more, you will end up paying unnecessary interest on your first payment. However, when exchange and completion are very close or even on the same day they have no choice but to call the funds down as they have to do this with 3-5 days notice.
Good luck I hope it all happens for you today0 -
Without knowing full details it's hard to comment....
What does sound unusual is the solicitor drawing down the mortgage funds before Exchange (unless Exchange and Completion were scheduled for the same or next day.)
Well here's the information that we were missing:Today is exchange and completion day
The explains it.
Cheers0 -
OMG we've completed!
Really wasn't sure we were going to get there.
Yay now just years of mortgage payments... I've never been so happy
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Congratulations!0
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Sorry too giddy forgot to say, thanks for all your advice peeps.
Luckily I didn't have to act on it, but great for someone else who gets it even worse than me.0 -
Get off the internet and roll your sleeves up!
(Congratulations too)0
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