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Do lenders take the full estimated funds release time....

Peppermint90
Peppermint90 Posts: 101 Forumite
10 Posts Name Dropper
in House buying, renting & selling
...or did you get funds released earlier?
Asking because I'm due to complete next week after suchh a long journey and absolutely cannot wait!!! Holding my breath until funds come through to solicitor!! 

Comments

  • thaddy
    thaddy Posts: 118 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 21 February 2021 at 11:26PM
    Our lender is Nationwide and funds were released on the working day before completion. All the best! 

    *Edit to add funds were requested 10working days before and we got a text to confirm the date of release 
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Peppermint90 said:
    ...or did you get funds released earlier?

    Do you wish to start paying interest earlier than you need to? 
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Second Anniversary Name Dropper
    depends when the solicitor requests the funds for
  • Peppermint90
    Peppermint90 Posts: 101 Forumite
    10 Posts Name Dropper
    thaddy said:
    Our lender is Nationwide and funds were released on the working day before completion. All the best! 

    *Edit to add funds were requested 10working days before and we got a text to confirm the date of release 
    I see you're completing tomorrow! Exciting times ahead!! All the best to you too 👍
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    In normal times, no, the 5 working days or whatever is a vast overestimate of how long they need (they can do it on the same day as requested). I don't get the impression things are that much worse at the moment.
  • Peppermint90
    Peppermint90 Posts: 101 Forumite
    10 Posts Name Dropper
    Thrugelmir said:
    Peppermint90 said:
    ...or did you get funds released earlier?

    Do you wish to start paying interest earlier than you need to? 
    I wouldn't mind paying that little bit extra for a peace of mind that completion will definitely go ahead on planned day! 
  • Peppermint90
    Peppermint90 Posts: 101 Forumite
    10 Posts Name Dropper
    Deleted_User said:
    depends when the solicitor requests the funds for
    Ah ok, so it basically arrives on requested date - not any sooner...because I thought I read somewhere on these forums that some peoples funds arrived within a couple of days of request etc. 
    I'll have to wait very very patiently for the day to arrive then 😊
  • annetheman
    annetheman Posts: 1,043 Forumite
    Tenth Anniversary 500 Posts Photogenic Name Dropper
    edited 22 February 2021 at 9:43AM
    I saw a solicitor in the Mortgages & endowments forum who said he advises clients to agree to funds release the day before contractual completion date. I thought this seemed a bitover cautious but might be wise in some complex scenarios, who knows, I'm no expert.

    I got email confirmation from my solicitor's admin on Saturday (!?) that the fund release has been confirmed by the lender "on time" so I guess this means on completion day, which is my preference as I don't want to start paying interest before legal completion.

    Good luck, OP! Completing this Friday and know how you feel... just want to wish the next few days away -- hope work is really busy so time flies >.<
    Current debt-free wannabe stats:
    Credit card: £8,524.31 | Loan: £3,224.80 | Student Loan (Plan 1): £5,768.55 | Total: £17,517.66
    Debt-free target: 21-Mar-2027
    Debt-free diary
  • MovingForwards
    MovingForwards Posts: 17,180 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    The solicitors can also only 'hold on' to the funds for so long, before having to return them and request them again. 

    Your idea won't work, just have to bite your nails for a few days.
    Mortgage started 2020, aiming to clear 31/12/2029.
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