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Drawing down mortgage funds - notice period?
JaneyLouWho
Posts: 155 Forumite
My lender, Natwest, states in their CML handbook that they need 7 working days notice to release funds. Does anyone know whether this is a set in stone notice period, or whether there is some wriggle room? It would be great to be able to complete our purchase next Friday 23rd, which is the date proposed by others in the chain, but I am not sure whether we will have enough time to get the money given my solicitor hasn’t sent off the certificate of title yet. What are others experiences?
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Comments
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If pushed, most lenders can get funds out from receipt of a COT in a couple of hours.
What is quoted in the CML Handbook is what they would like, in a perfect world of fluffy kittens and candy-floss clouds...
Your solicitor will have all the experience in dealing with lender completions teams and can tell you what is possible.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks Kingstreet!!0
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When's exchange of contracts planned?0
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Hopefully Monday. If not then I think it will have to be the week after anyway, seems to tight to me exchanging on a Tuesday and completing on a Friday. What do you think?0
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Doesn't leave much time for people to finalise their own arrangements. Not easy to find removal companies at short notice.0
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Apparently the rest of the chain has agreed the date and been advised to book removals! Its just the incompetent solicitor above mine who hasnt thought to inform us. Bit of an oversight given we are the first transaction to happen!! My solicitor, bless her, has been responding at 8.30pm tonight and sounds hopping
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