Barclays not releasing funds due to India lockdown

davidmcn

Crashy_Time said:

davidmcn said:

Crashy_Time said:

Thrugelmir said:

The outstanding case work is being transferred back to the UK. India was completely locked down without any prior warning due to the virus threat. 

People can work from home though? How would that affect the transfer of funds?

Indian people or UK people? I don't know specifically about Barclays, but even for UK-based offices it hasn't necessarily been straightforward to shift everybody to home-based working if they were previously all in one building - things like how do you sort out telephony, call recording, data security etc, and simply sourcing and distributing necessary equipment. I would guess Indian employees' homes are even less likely to be equipped with suitable spaces, broadband connections etc.

You don`t need the entire workforce in a functioning office to release funds though, not funds that have been already approved for release?

Depends what you mean by "approved" - if it's gone through the final stage of approval, it would be in the solicitors' account. Even if we're only talking about the team which processes certificates of title, they'd need access to all of the above systems to do their job.

davidmcn

AdrianC said:

davidmcn said:

Crashy_Time said:

Thrugelmir said:

The outstanding case work is being transferred back to the UK. India was completely locked down without any prior warning due to the virus threat. 

People can work from home though? How would that affect the transfer of funds?

Indian people or UK people? I don't know specifically about Barclays, but even for UK-based offices it hasn't necessarily been straightforward to shift everybody to home-based working if they were previously all in one building - things like how do you sort out telephony, call recording, data security etc, and simply sourcing and distributing necessary equipment. I would guess Indian employees' homes are even less likely to be equipped with suitable spaces, broadband connections etc.

A bigger issue for the financial industry, though, is simply going to be data security. You can't just chuck remote access to internal systems open to all from insecure machines and over insecure connections...

Yes, at my work most people could go straight home, but we have some clients with particular requirements about data protection and call recording, so it took longer for the team dealing with them to sort out solutions for their work.

TuppenceWorth

The wait for draw down from Barclays has now entered week three. And no sign of any movement.
Anyone have any info about what's happening? Cheers

Crashy_Time

Exposure limiting move IMO.

TuppenceWorth

I hope not...

I've been told it's due to India's lockdown. Will keep you posted

mcpitman

Crashy_Time said:

Exposure limiting move IMO.

Doubt it.

Crashy_Time

mcpitman said:

Crashy_Time said:

Exposure limiting move IMO.

Doubt it.

Why?

2020firsttimebuyer2020

I’m exchanging and completing on my house purchase today, our mortgage is with barclays and our solicitor confirmed to us on monday that barclays have confirmed they will release funds in readiness for completion 

RelievedSheff

2020firsttimebuyer2020 said:

I’m exchanging and completing on my house purchase today, our mortgage is with barclays and our solicitor confirmed to us on monday that barclays have confirmed they will release funds in readiness for completion 

Good luck with the completion today. Hope it all goes smoothly for you.

Chavy89

2020firsttimebuyer2020 said:

I’m exchanging and completing on my house purchase today, our mortgage is with barclays and our solicitor confirmed to us on monday that barclays have confirmed they will release funds in readiness for completion 

im in very similar position my exchange and complete is on the same day also the (30th of April) my solicitor called me yesterday also confirming that Barclays will be releasing the fund in readiness of completion. So no mention of call centres being closed