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Processes, COT, Release of funds, Completion

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Processes, COT, Release of funds, Completion

10 replies 321 views
Hello!

I have exchanged contracts and am due to complete next week. Fully aware the Covid 19 may put pay to this, but at the same time I’m legally contacted to complete, and desperately want my house.

Following exchange I received a text and email from Nationwide stating “good news your funds will be released on....” with the funds being requested for the day before completion.

Does this guarantee Nationwide are happy with sending the money?

Could my mortgage offer be withdrawn (worried banks may be spoked by current situation)

Do I have any final checks to go through with Nationwide? (Have been paranoid about spending moment, haven’t used a credit card or anything and paid everything off)

How often does it so happen that funds are not received, and has anyone experienced delays with the current situation?

Do you usually receive notification that funds have been received by your solicitor? 

With everything going on my anxiety is through the roof and I just want to understand the processes and meaning of it all

Thank you!


Replies

  • Firsttimebuyer_25Firsttimebuyer_25 Forumite
    51 posts
    10 Posts First Anniversary
    Shameless bump 
  • davidmcndavidmcn Forumite
    15.7K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    If the Nationwide has told you they're sending the loan funds, just take them at their word! It doesn't mean there won't necessarily be other problems with completion, but it means they're done with any final checks etc on their part.
  • aestivusaestivus Forumite
    28 posts
    10 Posts First Anniversary
    My funds came through the day before completion (ie today) without issue - I'm sure you'll be fine on that front. My solicitor let me know that she'd received the funds (but that was also part of a conversation about her receiving additional funds from me). On that front, you'll be fine. Best of luck!
  • Firsttimebuyer_25Firsttimebuyer_25 Forumite
    51 posts
    10 Posts First Anniversary
    Thank you for Letting me know!
  • edited 26 March at 2:31AM
    Dancer11Dancer11 Forumite
    46 posts
    10 Posts
    edited 26 March at 2:31AM
    Long post! FTB and I started the process at the beginning of October. My solicitor was signing emails as a trainee solicitor when she started on our case, but emails now signed as Solicitor. 

    I was due to complete on our new build on 27/03. Text from Nationwide to say funds would be sent on 26/03. 

    I then had an email from the developer on 19/03 asking if I’d like to complete earlier as the property was being signed off that day. I said yes, and said let’s go for 23rd. 

    Unfortunately, at 2.30pm on 23rd, my solicitor said she hadn’t heard back from the developers solicitor that they were happy to do this, so we then set the date for 24th. I transferred the remainder of my deposit funds ready for completion, before even receiving the completion statement, as knew there was a limit I could send over online, so did the remainder early hours 24th. 

    Timeline for 24th March...
    11.39am: I receive an email from solicitor to say safe receipt of deposit and completion will go ahead as planned today. She was simply waiting on mortgage funds to arrive from Nationwide, before sending across to developer’s solicitor. 

    16.29pm: I’ve heard nothing so I email to ask if everything is still ok as getting really worried now...

    16.31pm: My solicitor replies: “It should be as Nationwide have confirmed funds will be released today. However, they are not in yet. I am constantly refreshing the bank!”

    After speaking to the developer’s sales lady and her saying it’s looking very unlikely it’s going to happen today, I’m in tears and thinking I’m going to lose everything! The lady was brilliant telling me not to worry, not my fault etc...

    17.39pm: I hear again from my solicitor: “The monies never arrived from Nationwide! I will be taking this up with them first thing tomorrow morning to ensure we can complete tomorrow for you.”

    At this point I’m so stressed and I asked if Nationwide had actually said they were sending the funds the reply was:
    “They did as they sent the attached. I think the monies got held up and I will call first thing tomorrow morning at 9am to check on these for you.
    There should be no reasons the monies do not arrive tomorrow, but I will update you as soon as I have spoken to Nationwide.”

    The attachment:

    24/03 13.51pm: Dear Sirs

    We have resubmitted our COT for completion today via Lender Exchange. We understand that the previous COT was rejected.

    Please confirm safe receipt and release of funds for today.

    24/03 14.10pm Nationwide’s reply:

    Good Afternoon 

    I am pleased to confirm your request for fund release for today is currently in progress and you will receive the funds today as requested.


    25/03 09.49am: Solicitor emailed:

    “Good morning, 

    We have spoken to Nationwide this morning who have apologised for not processing the funds yesterday. They were very busy and did not get round to pressing send on the monies! They are working on this today as a priority.”

    I replied: “Oh my goodness, I didn't realise that could even happen...very thankful I'm not in a chain!”

    09.55am: Solicitor:

    Neither did I and I have never had it happen before!

    Thankfully, the funds have just arrived so the monies will be sent to their legal team imminently.

    12.42pm : Phonecall from Solicitor’s Director to say we had completed, finally!! 

    15.25pm: Solicitor emails to say congratulations and completion has now taken place (3 hours after the event!) and to say:

    “Upon reconciling your account and the completion statement, it was noted that there were some miscalculations and a small sum of £49.17 is due from you to fully settle all expenses.  Please arrange to transfer this sum at your convenience and my apologies for any inconvenience caused.”


    I’m not sure if the blame is entirely with Nationwide, as seems there was an issue with the COT, and surely my solicitor should have requested funds earlier... but, it’s done now and I may finally get some sleep tonight! We are moving in over the weekend and then I’m never moving again! 


    Oh, I received my mortgage offer mid October, it was due to expire on 15th April and I had a letter to say it wouldn’t be extended, although I had read you get an extra month automatically...I didn’t get a text saying this! 

    Nationwide didn’t do any further credit checks after mortgage offer.  

    Good luck! :)

  • Firsttimebuyer_25Firsttimebuyer_25 Forumite
    51 posts
    10 Posts First Anniversary
    Oh wow that must have been so emotionally exhausting for you!!!!

    Thank you so much for putting that together!! It’s so useful and congratulations on your house!

    :)
  • Dancer11Dancer11 Forumite
    46 posts
    10 Posts
    Oh wow that must have been so emotionally exhausting for you!!!!

    Thank you so much for putting that together!! It’s so useful and congratulations on your house!

    :)
    You’re welcome and thank you! I was a mess on Tuesday, not knowing if we were going to suffer penalties for not completing etc, but it’s a huge relief now it’s actually happened! 😊

    I’m sure yours will go without a hitch, keep us updated! 👍🏼
  • Firsttimebuyer_25Firsttimebuyer_25 Forumite
    51 posts
    10 Posts First Anniversary
    I sure will!

    There is nothing more stressful than house buying.....other than house buying and there being a lethal pandemic!
  • NelsonW1NelsonW1 Forumite
    1 posts
    First Post
    MoneySaving Newbie
    Dancer11 said:
    Oh wow that must have been so emotionally exhausting for you!!!!

    Thank you so much for putting that together!! It’s so useful and congratulations on your house!

    :)
    You’re welcome and thank you! I was a mess on Tuesday, not knowing if we were going to suffer penalties for not completing etc, but it’s a huge relief now it’s actually happened! 😊

    I’m sure yours will go without a hitch, keep us updated! 👍🏼
    Currently in a similar situation offer made in Oct-2019 and just got the email saying "your funds will be released" from NationWide. Really panicking and worrying as completion is a week before the offer expires and it has been a very painful process. I do not want anything else to go wrong, but I assume as they have confirmed that they will release the funds that everything is done & dusted?
  • iampetesmithiampetesmith Forumite
    74 posts
    Third Anniversary 10 Posts
    My mortgage is with Skipton and I didn't get any texts or emails to say when the funds would be released, it just happened. I still don't know when it was, I just let them get on with it on completion day. I'm guessing it was the day before, as the house was all paid for by 11am and I was just waiting another couple of hours for the vendor's solicitor to come out of a meeting and confirm they'd received it.
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