Confirmation of fund release queries

Bubbles_82

We’re currently waiting to exchange contracts with a completion date mid-April. Our conveyancer is awaiting confirmation that the funds will be released on the completion date before she will commit us to exchange. Is this normal practice? I completely understand that the conveyancing firm has our back and don’t want to legally commit us to exchange without this formal confirmation but in the past I don’t ever remember this step. It’s always just been exchange, then apply for fund release shortly afterwards. Now I am aware of this part of the process I’m worried sick, thinking all sorts! The wait is agonising too and everyone in the chain is ready to go- it’s just this last piece to the jigsaw it would seem. I guess I just want to know if this is completely normal and I’ve just been ignorant to this in previous purchases.

AdrianC

It might seem belt-and-braces, but if you exchange then find the funds cannot be released for whatever reason, you are in a world of problems.

Bubbles_82

Well yes, our thoughts entirely! Part of me is wondering though if it’s absolutely necessary and how often conveyancers do things this way round! Just sounded a bit unusual. I also wondered if the lender could find themselves in trouble if they didn’t uphold their offer for any remarkable reason.

davidmcn

Sounds a bit paranoid to me. Very occasionally lenders will have "surprise" reasons for having to delay completion (e.g. because they're waiting for somebody other than the solicitor to confirm something to them). Generally lenders will always reserve the right not to advance funds if something drastic happens before the completion date, so it's not going to be a categoric promise that they'll send money when expected.

G_M

Are you 100% sure that

a) you've received a firm mortgage offer from the lender ?
b) that the conveyancer has received confimation of the firm offer?

Bubbles_82

100% yes and yes ��

kingstreet

The solicitor submitting the certificate of title is what triggers the release of funds; so provided the solicitor does what they should when they should there should be little chance of a missed completion.