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Advice on sending house deposit & solicitor fees before mortgage funds have been released?

2020firsttimebuyer2020
2020firsttimebuyer2020 Posts: 43 Forumite
10 Posts
in House buying, renting & selling
Hi, we are due to be simultaneously exchanging contracts and completing on our house purchase this friday. We are FTB moving into a new build property, so there’s no chain. 
I have chased my solicitor today to check that we are still on track for Friday. They advised that they are aiming for this, but await confirmation from our lender (Barclays) that they will release funds in time. 
On the back of this, our solicitor has now sent a completion statement asking for us to send the deposit and solicitor fees to her by no later than thursday. 
My question is what happens if we send the balance funds but the lender doesn’t release the funds in time?

Comments

  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    Nothing. The solicitor wont exchange until Barclays confirm. It's nothing to be overly concerned about
  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    The solicitor will keep hold of them until the lender releases the funds and you can exchange/complete.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Your solicitor will hold the monies in a client account until such time as exchange is effected. 
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    And if the whole thing doesn't happen, you get your money back (less any legal fees/costs actually incurred). The solicitor doesn't just pocket it.
  • 2020firsttimebuyer2020
    2020firsttimebuyer2020 Posts: 43 Forumite
    10 Posts
    How long does it take for Barclays to confirm they will release the funds on time? Im getting really anxious now and just want to know we will be completing on Friday!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 20 April 2020 at 11:58AM
    Your solicitor will keep you informed. 
  • greatcrested
    greatcrested Posts: 5,925 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 20 April 2020 at 1:35PM
    You may well not find out till Friday! That is the downside of Exchanging and Completing on the same day. It is usually not recommendd, but coronavirus has changed things somewhat.
    As for your money, it is safe. It will either be returned to you (if it looks like the delay will be more than a few days, or the purchase collapses), or held safely in a Client Account - NOT the solicitor's own account.
  • 2020firsttimebuyer2020
    2020firsttimebuyer2020 Posts: 43 Forumite
    10 Posts
    greatcrested said:
    You may well not find out till Friday! That is the downside of Exchanging and Completing on the same day. It is usually not recommendd, but coronavirus has changed things somewhat.
    As for your money, it is safe. It will either be returned to you (if it looks like the delay will be more than a few days, or the purchase collapses), or held safely in a Client Account - NOT the solicitor's own account.
    Thanks so much for this, it’s just the not knowing which is driving me crazy!
  • greatcrested
    greatcrested Posts: 5,925 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    2020firsttimebuyer2020 said:
    greatcrested said:
    You may well not find out till Friday! That is the downside of Exchanging and Completing on the same day. It is usually not recommendd, but coronavirus has changed things somewhat.
    As for your money, it is safe. It will either be returned to you (if it looks like the delay will be more than a few days, or the purchase collapses), or held safely in a Client Account - NOT the solicitor's own account.
    Thanks so much for this, it’s just the not knowing which is driving me crazy!
    Welcome to the world of spending £00s of £000s of pounds. It's stressful!
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