Barclays timescale on releasing Mortgage funds

2020firsttimebuyer2020

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. 

Does anyone know how long this can take, and what’s the absolute latest the solicitor can receive the mortgage funds on completion day? Or is it not looking good? We are so close to the finish line now and just want to know that we will be completing on Friday, its been such a stressful time for many reasons. Everything is in place now apart from the mortgage funds, just hoping our solicitor will receive them before Friday. 

sarmia

We were meant to complete 2 weeks ago. Funds still not arrived.

sarmia

Not Barclays though.

Comms69

Usually received overnight. It takes 15 seconds to transfer afterall. Stop panicking!

2020firsttimebuyer2020

Ok that’s promising then, our solicitor advised they are going to chase it up today so hopefully will hear something back from them. 

I saw another post on here saying they had been waiting three weeks to hear back from Barclays regarding the funds being released and it worried me! 

We are exchanging and completing on the same day though so perhaps it will get pushed through quicker for us. 

Comms69

2020firsttimebuyer2020 said:

Ok that’s promising then, our solicitor advised they are going to chase it up today so hopefully will hear something back from them. 

I saw another post on here saying they had been waiting three weeks to hear back from Barclays regarding the funds being released and it worried me! 

We are exchanging and completing on the same day though so perhaps it will get pushed through quicker for us. 

Barclays had all back office functions in India, which went into full lockdown overnight. That was the reason for the delay primarily.

Crashy_Time

JP Morgan recently claimed that they are at near 100% efficiency with 90% of their staff working from home.

2020firsttimebuyer2020

Comms69 said:

2020firsttimebuyer2020 said:

Ok that’s promising then, our solicitor advised they are going to chase it up today so hopefully will hear something back from them. 

I saw another post on here saying they had been waiting three weeks to hear back from Barclays regarding the funds being released and it worried me! 

We are exchanging and completing on the same day though so perhaps it will get pushed through quicker for us. 

Barclays had all back office functions in India, which went into full lockdown overnight. That was the reason for the delay primarily.

Thanks for your help, don’t suppose you know if there are any delays now? I can’t seem to find anything online or in any forums (apart from the one comment I just mentioned). Im probably just worrying myself over nothing, but we’re just so desperate to get the keys on friday!

2020firsttimebuyer2020

Crashy_Time said:

JP Morgan recently claimed that they are at near 100% efficiency with 90% of their staff working from home.

Is that good news or bad news?
Im probably stressing over nothing, but this is all we are waiting to hear back on now. Just hoping the solicitor has chased it for us, as I have to pay our deposit and sols fees by Thursday!

Comms69

2020firsttimebuyer2020 said:

Comms69 said:

2020firsttimebuyer2020 said:

Ok that’s promising then, our solicitor advised they are going to chase it up today so hopefully will hear something back from them. 

I saw another post on here saying they had been waiting three weeks to hear back from Barclays regarding the funds being released and it worried me! 

We are exchanging and completing on the same day though so perhaps it will get pushed through quicker for us. 

Barclays had all back office functions in India, which went into full lockdown overnight. That was the reason for the delay primarily.

Thanks for your help, don’t suppose you know if there are any delays now? I can’t seem to find anything online or in any forums (apart from the one comment I just mentioned). Im probably just worrying myself over nothing, but we’re just so desperate to get the keys on friday!

Sorry couldnt say. In the current situation there's no definites. I suspect you'll be fine

Thrugelmir

Crashy_Time said:

JP Morgan recently claimed that they are at near 100% efficiency with 90% of their staff working from home.

Thought that JPM along with all the other US banks left the UK mortgage market over a decade ago.