What time do mortgage companies release completion funds?

Housemove03

Hello  

am due to complete on my house Thursday and have been told that funds will be released on Thursday. I am porting and borrowing a bit extra so I presume they’re releasing funds on the day so they can get a redemption figure? What time do banks release funds on the day of completion? I just have no idea what kind of time I’m looking at for completion x 

Thrugelmir

A provisional redemption figure will be known by the solicitor in advance.

Completion is likely to be effected sometime in the afternoon. Cut-off for processing CHAPS transfers at the banks is 1pm. Then they've got to be processed at the receiving bank and this information communicated to your vendors solicitors. 

Housemove03

Thanks for your reply! Is this unusual for money to not be released until completion day? Sorry just panicking as my last 2 houses have always been released around 2 days before. Thanks again 

Housemove03

Just to add - my solicitor put in the cot I think its called over a week ago so it wasn’t a last minute request either 

Lostthegame

I was supposed to complete today... the bank didn’t release the funds until 5:15pm by which point the solicitors were closed so couldn’t authorise the release of the keys!

Fingers crossed yours goes smoothly!

Housemove03

Lostthegame said:

I was supposed to complete today... the bank didn’t release the funds until 5:15pm by which point the solicitors were closed so couldn’t authorise the release of the keys!

Fingers crossed yours goes smoothly!

Oh gosh that’s a nightmare so sorry for you! Do you mind me asking what bank that was? X

Lostthegame

Housemove03 said:

Lostthegame said:

I was supposed to complete today... the bank didn’t release the funds until 5:15pm by which point the solicitors were closed so couldn’t authorise the release of the keys!

Fingers crossed yours goes smoothly!

Oh gosh that’s a nightmare so sorry for you! Do you mind me asking what bank that was? X

It was Barclays, the solicitor notified them last Monday that today was the completion day.

At around 4pm Barclays said they would release the funds tomorrow but my solicitor kept on and they eventually released them... just too late though!

Housemove03

Lostthegame said:

Housemove03 said:

Lostthegame said:

I was supposed to complete today... the bank didn’t release the funds until 5:15pm by which point the solicitors were closed so couldn’t authorise the release of the keys!

Fingers crossed yours goes smoothly!

Oh gosh that’s a nightmare so sorry for you! Do you mind me asking what bank that was? X

It was Barclays, the solicitor notified them last Monday that today was the completion day.

At around 4pm Barclays said they would release the funds tomorrow but my solicitor kept on and they eventually released them... just too late though!

Why on earth were they sent so late? I thought that providing they have 48 hours notice they guarantee payment will be sent same day so why would they think it’s acceptable to release them tomorrow?

Gosh this is my worst nightmare I’m about to give birth and it’s been such a stressful house move the last 6 months! I hope everything works out for you tomorrow!

Lostthegame

Housemove03 said:

Lostthegame said:

Housemove03 said:

Lostthegame said:

I was supposed to complete today... the bank didn’t release the funds until 5:15pm by which point the solicitors were closed so couldn’t authorise the release of the keys!

Fingers crossed yours goes smoothly!

Oh gosh that’s a nightmare so sorry for you! Do you mind me asking what bank that was? X

It was Barclays, the solicitor notified them last Monday that today was the completion day.

At around 4pm Barclays said they would release the funds tomorrow but my solicitor kept on and they eventually released them... just too late though!

Why on earth were they sent so late? I thought that providing they have 48 hours notice they guarantee payment will be sent same day so why would they think it’s acceptable to release them tomorrow?

Gosh this is my worst nightmare I’m about to give birth and it’s been such a stressful house move the last 6 months! I hope everything works out for you tomorrow!

Barclays said it was a system error but I’m not sure how they would have a system error for the whole day!

I’m sure you’ll be fine, from what I’ve been reading online this is a very rare occasion... it just had to happen to me! 

You don’t need the added stress! Fingers crossed yours goes smoothly!