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How long for mortgage funds to be reissued?

natalie5s Posts: 3 Newbie

12 February 2021 at 10:37PM in House buying, renting & selling

We were meant to complete on our house purchase today (12th Feb) with exchange last Tuesday (9th Feb) - it was meant to be earlier but our buyer wasn't quite ready. Our solicitor applied to draw down the mortgage funds last Friday as the company needed a weeks notice and the funds arrived in our account yesterday ready. However on Tuesday the seller at the top of the chain changed her mind saying she wanted 3 weeks(!) between exchange and completion so a new completion date has had to be agreed (4th March). Everyone wanted to exchange this week with the new date but my solicitor says she can't exchange yet because the mortgage funds have to be returned first and the lender confirm they will re-release them for the new date before we can exchange. Everyone is getting frustrated as they wanted to exchange. My question really is how long is it likely to take for the funds to be returned and the lender to agree to re-release them? My solicitor says she thinks it will happen next week, but if it doesn't and we cant exchange soon I'm worried the seller at the top will delay completion again! Any advice particularly on timescales if anyone has gone through having mortgage funds returned and re-issued would be appreciated, thankyou.

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How long for mortgage funds to be reissued?

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