Completion date tomorrow but funds still not released!

Deehr

Hi Everyone,
I am losing faith in the house purchasing process. We were all ready to complete nine days ago but on the day our buyer had an issue with her mortgage so we unloaded the van and our house is filled with boxes. We had to pay to have the mortgage money returned to the bank.Then we were told Wednesday could be possible but that came and went. My solicitor specifically said this was mainly due to banks requiring 48 hours to release funds. All parties agreed on Friday. I gave my solicitor permission to request the funds on Tuesday and she said she had. I spoke to her today and she said the bank has not yet released the funds and have told her to phone back in the morning. I am so worried that the money won't be there in time to complete. Despite the fact that she told me my lender requires 48 hours to release funds, today she told me that lenders usually require 7 days notice plus there is this complication with the funds having been returned! I feel as though she only releases important information like this when it suits her. She tells me one thing and then another the next. Does anyone have experience with funds being released on the completion date? Does this happen often? Sorry to whinge. I'm just finding this very stressful. X

kingstreet

Lenders can get the money out in a couple of hours if they need to. "Five working days" is the mantra normally dished out, but it's not necessary in most cases nowadays.

davidmcn

Deehr wrote: »

Does anyone have experience with funds being released on the completion date?

Yes, it's perfectly commonplace and (usually) happens without a hitch.

amnblog

As stated above, solicitors don!!!8217;t appear to panic because they have seen these situations numerous times before.

What lenders can do what they say they can do are miles apart.

Katgrit

Don't worry. A few years ago I moved and as time ticked by on completion day the 3 parties in the chain were all texting one another checking. 11am came and when, midday, 1pm, and at half one my buyer checked with her solicitor only to find out they'd forgotten to request the funds! Request finally went in at 2.15pm, and eventually the money appeared at 4.30pm.