Interest on lenders money kept by solicitors?

Flat_Eric

I anticipate your solicitor requested mortgage funds for Friday last week so that they were there ready for completion today.

You will pay interest to your lender from the day your solicitor receives the funds but as to how exactly this is worked out and how much it will be you will need to speak to your solicitor or to your lender.

I guess it's a tad frustrating that you are paying interest and you don't have an exchange or completion yet but hopefully this is imminent.

If completion is delayed as has been here then your solicitor can only keep the mortgage funds for a limited time so I anticipate your solicitor has contacted your lender to get permission to keep the funds for longer so that there is no delays in funds being sent back to your lender and then re-requested by your solicitor.

As an aside the time between exchange and completion will vary depending on the circumstances. Sometimes exchange and completion happens on the same day sometimes exchange one day completion the next and sometimes there's the traditional week or two week gap between exchange and completion.

Exchange and completion on the same day can leave everyone a bit more fraught because it can all seem very last-minute and stressful organising removals etc when exchange hasn't yet happened.