How soon can solicitors draw on an offer?

Summer12

Hi

Does anyone know how soon a solicitor can request mortgage funds for exchange after receiving an offer? We are under a lot of time pressure from the people we are buying from. They go away beginning of June for a long holiday and want to complete before they go. I seriously doubt completion will have enough time to go ahead but possibly exchange if the Nationwide get a move on. Our mortgage application has taken a bit of an odd route. DIP referred, various documents supplied to underwriters, week and a half of them reviewing, more documents and now an approval. Looking at intermediary site it appears all that's left is a valuation (am really hoping it's a desk top one!, LTV 54%, for speed). Any ideas how long from Nationwide valuation to offer in this scenario then how long from offer to actually actioning exchange if all other documentation sorted?

Thank you

glosoli

Once the solicitor receives their pack, and assuming they've concluded all the other work in the background such as searches etc, lenders normally ask for five working days notice for the funds to be sent. However, personally I have seen funds sent much quicker than this (i.e within an hour of the request being received) but I wouldn't rely on that.

davidmcn

In the past I have received a mortgage offer and completed on the same day. But that assumes that everything else is ready - depends whether everyone is prepared to jump whenever the offer comes through.

Summer12

Should have clarified only us and them in the chain, which means there's only us to blame for delaying things!

Thrugelmir

When did you first apply for the mortgage? Either it's taken an extraordinary long length of time or the sellers are extremely impatient.

Have all the formalities been completed?

ACG

Have the searches been returned or even requested?
If not, then you are not going to complete before he beginning of June and no solicitor in their right mind will let you exchange without having the searches back.

Once you exchange you are legally bound to complete. So if the searches return something - ie a prison will be built at the end of your garden, I am sure you would want to know as would the lender. If the searches return something that make the lender pull their offer, you are still legally bound to cmplete the purchase.

Summer12

Searches all done and returned. We are 9 weeks into the whole process (from offer to now) not helped with Bank holidays and solicitors on going on Easter leave. Mortgage moving slowly due to way wages are received and delays in providing additional documentation from employers to prove this. It will be 11 weeks in total by the time they go away which I thought was pretty quick for all the legal stuff.

ACG

When in June do they go away? You usually need about 5 working days between request of funds and receiving them so as long as there is 5 working days from when the offer is received by the solicitor, you should be fine, but 5 working days is cutting it very fine.

chopper78

Last time I moved, my solicitor didn't even start on 'the other stuff' until they received the mortgage offer from the bank. Seems a logical way to do it, avoiding incurring costs until they know you are in a position to go ahead.