exchange and completition

peppapig14

due to sign all paper work and pay deposit next week read for exchange and to complete a week later. 
I know the actual exchange is the solictors reading contracts over the phone, but what actually happens when they request your mortgage funds? Will Nationwide automatically release the funds,oe do they need to perform more checks? 

lika_86

Your solicitor will, before completion do a bankruptcy search and check that nothing has changed in terms of charges on the title.

iampetesmith

It will all happen in the background, but I think the solicitors request the mortgage funds for the agreed completion date. Then the lender does a final credit check to make sure nothing major has changed and the solicitor draws the funds down in time for completion, either the day before or first thing in the morning. Then on completion day, all the money is transferred between the solicitors and the houses are paid for, then you get a call to say the keys have been released and the house is yours.