Advance Mortgage Funds

Elson_Cj

We are due to complete on Monday. We have a mortgage with Leeds BS. We have noticed that on our Solictor portal there is a mortgage advance for the full amount of our mortgage.

Does this mean the lender has already provided the funds?
Of course I have asked the solicitor this question and what to hear back.

davidmcn

I don't know how to interpret the information on your solicitor's portal given that I've never seen it, but it wouldn't be unusual for them to have requested the funds by now, so they can be ready for completion on Monday.

Elson_Cj

Hi David,

Thanks for this. It’s just a breakdown of solictor fees and then we have a row called “mortgage advance” which is the full amount of our mortgage so I wanted to know if the lender has already sent the funds and we are good to go for Monday.

Thanks for your answer!

davidmcn

Elson_Cj wrote: »

It’s just a breakdown of solictor fees and then we have a row called “mortgage advance” which is the full amount of our mortgage so I wanted to know if the lender has already sent the funds and we are good to go for Monday.

It's probably just their statement of what they expect all the figures to be, doesn't necessarily mean any funds have been drawn down yet.

iquit

When bank released funds for my mortgage I got emails from both bank and solicitor confirming funds were with them, this was the day before my completion.

Elson_Cj

Thank you all! Our solictor has confirmed that the money is expected tomorrow! Fingers crossed!

Elson_Cj

One final question. My solictor has confirmed they have the mortgage funds from our lender in preparation for Monday.

Is it safe to say now that all checks have been done and we should be OK for Monday?

FTBlalala

My completion date was a Monday and my solicitors had the funds on the Saturday as we were first in the chain and we had keys in hand 12.05 on the dot on Monday Hope it all goes well and congrats on your new home!

Thrugelmir

Elson_Cj wrote: »

Is it safe to say now that all checks have been done and we should be OK for Monday?

Lender wouldn't have given approval to release the funds unless all the boxes are ticked.

Elson_Cj

I worry too much! So if the solictor now has the funds from our lender, there is no reason for there to be any issues with completion tomorrow?

davidmcn

Elson_Cj wrote: »

I worry too much! So if the solictor now has the funds from our lender, there is no reason for there to be any issues with completion tomorrow?

Oh, lots of things could go wrong. None of them is likely to though, so what's the point of worrying about them? Just get on with the packing!