Leeds releasing funds.

dk5294

Date of entry is set for a week today and contacted Leeds to ensure nothing else was needed. They advised they were just waiting on the certificate of entitlement from the solicitor so they could release the funds. Does anyone know how long it takes for Leeds to transfer the funds?

Missives were concluded 7 weeks ago, everything is set for next Wednesday, but if they are still waiting on this from the solicitor isn't this going to stop that going ahead? I don't imagine they'll transfer 50k by faster payment! I don't know why it's taken 7wks for this issue to arise! Surely the solicitor should have had this sorted?

davidmcn

"Certificate of title", not "entitlement". Lenders can generally release funds by return (and by CHAPS, not Faster Payment), so everything is still within normal timescales, I don't see any "issue" to worry about.

dk5294

Sorry, going off the wording the solicitor used. It was him who said Leeds needed 5 working days to release the funds so things were going to be tight (this was yesterday) and he hoped that everything could be done in time but wasn't willing to 'commit'. As 5 working data from now is the date of entry date it seemed it wasn't going to be enough time.

glosoli

There is likely plenty of time, lenders normally say five working days to cover their own backs, I frequently see them received at 2pm on a Friday and funds released an hour later.

dk5294

Well that is a relief. I definitely hope that is the case as we've just found out our solicitor is away on holiday (sent an email, received an out of office, called and the receptionist told us) and hasn't passed anything over to anyone. No one knows if anything else is required, or if everything is in place. He will be back on the 25/04, the day before we are set to move!


Is this normal!??! Surely this can not be right. He has over 35yrs experience, comes highly recommended and at £1300 isn't fleeping cheap!