Help 2 buy funds, how long?

crystalpinks

We are due to complete this Thursday. I spoke to our solicitor today who said he’s requested mortgage funds and had confirmation but only requested help2buy funds on Friday afternoon. He mentioned it might take 5 working days, so obviously with the bank holiday in the mix and the fact nothing would have been auctioned until today, is this likely to cause us problems to complete Thursday? Solicitor was a bit vague, anyone have any experience of how quickly (or not) the process takes?

da_rule

If the funds do not arrive in time then the solicitor has made a potentially costly mistake and potentially put you into breach of contract if you fail to complete.

If the funds do not arrive in time then the solicitor may use their own funds (not funds from another client) to plug the gap and repay them using the HTB funds when they do arrive.

heff27

@crystalpinks, what happened today on this, as I complete on Friday and just found out the Solicitor has made a number of errors on the Solicitor Form 2 ( I think it is) and re submitted it at 4:30 this afternoon missing the 4pm cut off.

Help to buy have stated that its 2 working days from tomorrow if the form has been correctly corrected, and leads into Monday. So I am extremely worried as we are in chain with 3 buyers and will be homeless over the weekend ......... Totally Stressed

crystalpinks

Had an email from solicitor today saying he chased help2buy and they are still processing it! Meant to complete tomorrow and he!!!8217;s having the day off! Leaving someone else to deal with it. I have everything crossed, it!!!8217;s so stressful isn!!!8217;t it?

crystalpinks

I will be ringing help2buy in the morning as I have always found them far more helpful and informative than my solicitor !

diggingdude

thought there was a process where it could be done in a day in theory

crystalpinks

I really hope so diggingdude!

heff27

I hope it goes ok tomorrow Crystalpinks finger crossed for you.., I will be calling Help to Buy myself tomorrow, I will be asking the developers sales offer (Bellway) to call them also....

crystalpinks

Update:
We completed today!
Albeit at about 3:30, help to buy confirmed it was the solicitors fault entirely. He was advised to give them 5 working days and left it til 2 days before- then made an error and had to re submit, forcing a same day transfer .... so much stress for us today which should not have happened. all worked out okay for us as we rent so can move over a couple of days- but a warning to anyone in a chain...make sure the solicitor gives them some time!
Heff, should mean that you will be okay too !

heff27

Great News Im so Happy for you.

Our Solicitor made another mistake, so hopefully this be sorted tomorrow morning, day of completion so fingers crossed....

Solicitors are totally imcompetent.... Well my one is .. plus i am in a chain of 4

So fingers crossed.. as if not I will be homeless for the weekend..

crystalpinks

How did it go Heff? Hopefully all came together in the end?