Solicitor not yet requested Mortgage Funds

shutter

Hi

I am bit stressed at the moment. Our completion date is 23rd March and today I called Nat west to check my direct debit date and enquired about the release of funds.

Nat west adviser on the phone told me they haven't received the COT from solicitor and need at least 5 working days before release of funds. I assume today is the cutoff day to achieve this.

Last time I spoken to solicitor is on Monday and told me he is ready and about to request the funds but apparently nothing was done. Today I sent an email to solicitor but haven't got any reply and not available on the phone.

My question is everything is booked based on the completion date, if for some reason it was delayed due to solicitor not requested the funds on time who is responsible for costs and associated fees?

Any advise on what to do in this situation is greatly appreciated.

Thanks

kingstreet

They'd like five days but they don't need them.

Solicitors manage these things all the time, so best to just let them get on with the job and submit the COT when they are ready.

davidmcn

No lender actually needs 5 working days, I think that's just their unchallenging service standard. Generally they turn these things round pretty much by return.

hazyjo

Completion dates often change. I presume you haven't exchanged yet. You shouldn't book or cancel anything until you have exchanged. My last one changed several times!


Jx

Tewdric

We found out our Solicitor hadn't requested the mortgage funds from the bank the morning before we were due to complete - they'd also gone on holiday and left the file with a colleague.

A desperate dash to our local branch by my OH, a long talk with the branch manager and a promise that the funds would be sent first thing on completion morning.

Very, very stressful.......

It was all resolved in the end, but I wouldn't want anyone else to go through what we did (removal van packed - no idea if we were going into storage or our new house at 12:30pm on completion day).

Have another nag, and then check tomorrow and Monday if needed that everything is in place! Good luck.

lee111s

Our funds were requested on the Monday morning, for a Wednesday completion, that was with Nationwide.

As such, we were only charged one day of interest as they sent the fund on the Tuesday morning, solicitor got them first thing Wednesday morning.

TBagpuss

Aslo, be aware that solicitors accountingrules mean that they usually have to time things so that they are not holding the funds for any legth of time.If they get them too early they have to send them back to the lender and re-request them.

shutter

Hi All,

Thanks for all replies. Yes exchange was done and completion date is finalised.

I still haven't got any update but definitely check with them tomorrow as I haven't got final completion figure. It's kind reassuring that 5 days is not a norm but bit stressful not to know everything is in place.

Richard_Webster

Well, NatWest have improved because a few years ago when I was doing conveyancing regularly they wanted 7 working days!