Monday completion

coronita

Hi,

Sorry if this has been asked, but I have some questions regarding the release of mortgage funds that I can't seem to find answers to with a Google search.

I am completing my flat purchase on a Monday, and for the sake of a smooth completion, I'd want my solicitor to request my mortgage funds from the lender the day before, but does this mean it has to be the Friday before? Can solicitors make a request to have funds paid into their account on Sunday by the lender? It's not a huge problem if that's not possible, but I just thought that could at lease save me the interest for a day or two. I'm going to ask my solicitor on Monday but just thought maybe I could get some info beforehand.

Thanks in advance!

dimbo61

Do you know any banks OPEN on a sunday ?

dimbo61

You pay interest on the money you are borrowing from the day it goes into your bank account or the solicitors business/ client account !

coronita

Yes I understand, which is why I am wondering if I can avoid having the funds released on Friday while I pay interest for the Saturday and Sunday, only to complete on Monday. So I guess it'll either be that, or I have to risk potential delays for my completion if I choose to have funds released on my completion day?

sevenhills

There is a £20 charge for the same day transfer of large amounts. I believe my solicitor already has the funds from my mortgage provider, for my house sale on Monday.
At the beginning of this week, I received a letter from my mortgage provider telling me when my first mortgage payment will be.

kingstreet

Your solicitor does this hundreds of time a year. Give them credit for being able to ensure they have the funds in time for a Monday completion.

They may well have submitted the Certificate of Title to the lender on the Monday before to meet the lender's requirements.

You need to relax and accept you can't control every aspect of your life. If your solicitor decides to get the money on Friday you are paying from Friday.

Flat_Eric

If you have a Monday completion then your solicitor will request funds to arrive on the Friday before which is when you will pay interest from.

coronita

Thanks everyone! Like I said it's no big deal either way but it's always good to have some idea of what to expect

steampowered

I was under the impression that solicitors needed to request funds 5 working days or so before completion? Not the day before!

Your solicitors are the experts - make sure they confirm to you that they are aiming for a Monday completion, then let them do their job.

beeg0d

dimbo61 wrote: »

Do you know any banks OPEN on a sunday ?

yup, pretty much any branch of metro bank

AnotherJoe

coronita wrote: »

Hi,

Sorry if this has been asked, but I have some questions regarding the release of mortgage funds that I can't seem to find answers to with a Google search.

I am completing my flat purchase on a Monday, and for the sake of a smooth completion, I'd want my solicitor to request my mortgage funds from the lender the day before, but does this mean it has to be the Friday before? Can solicitors make a request to have funds paid into their account on Sunday by the lender? It's not a huge problem if that's not possible, but I just thought that could at least save me the interest for a day or two. I'm going to ask my solicitor on Monday but just thought maybe I could get some info beforehand.

Thanks in advance!

If you were transferring £100,000 for three extra days, the interest you'd lose would likely be in the region of £10 to £20.