Complex Sale - Will funds release on time?

TeaWhy

I'll try to keep this shortish, so won't bore you with the details but will give you a very brief background so that you can understand the urgency; We're 7 months into a very complex sale of our flat (plus a relatively simple purchase of a house) - involving a complex Deed of Variation which has, at last, been completed to our buyers solicitors satisfaction.
All seems to be on-track for exchange now - the issue is time: our buyers mortgage offer expires this weekend. We obviously want to exchange ASAP so that we can complete on Friday, and our solicitor is pushing for this too, but our sellers lender, HSBC, has not yet confirmed that they can release the funds in time for Friday. The sellers solicitor only requested the funds yesterday (late afternoon), so what are the chances that the buyers funds will be ready for this Friday? The sellers solicitor is pushing for exchange and completion at the same time on Friday, presumably because he is unwilling to exchange before confirmation of funds. 
The buyers have already had confirmation that HSBC will not renew their offer - which seems a bit unfair as the delay is now being caused by them - is there any way to get them to hurry up on this? I read online that HSBC request that 14 days are given to release the funds! Why would they take so much longer than most other lenders? Our funds were also requested yesterday and Nationwide sent a text just hours later confirming that they'll release funds on Thursday. 
My partner and I are absolutely tearing our hair out on this. After what has been a marathon of a transaction, spending thousands on a Deed of Variation, it seems ridiculous that the chain might collapse because of either HSBCs refusal to extend the offer by a matter of days, or by their inability to provide the funds on time. 
Any advice would be greatly appreciated. We're really worried that we'll be sat in a moving van full of our belongings on Friday afternoon and get a call saying that the chain has collapsed because the funds have not arrived.  
Thanks,
T

hazyjo

They could of course just apply for another mortgage product. Might cost them, but that's not your problem...

user1977

TeaWhy said:

I read online that HSBC request that 14 days are given to release the funds! 

Where did you read that?
Lenders' Handbook says 6 working days:
https://lendershandbook.ukfinance.org.uk/lenders-handbook/englandandwales/question-list/1968/
(and in practice lenders can generally do it much faster than their stated minimum)

TeaWhy

hazyjo said:

They could of course just apply for another mortgage product. Might cost them, but that's not your problem...

This would lose the house we're buying. Our sellers have been very patient so far, but certainly wouldn't wait for our buyers to go through that process again - it could set us back months and we'd have to find a new house. 

TeaWhy

user1977 said:

TeaWhy said:

I read online that HSBC request that 14 days are given to release the funds! 

Where did you read that?
Lenders' Handbook says 6 working days:
(and in practice lenders can generally do it much faster than their stated minimum)

Thanks for the link, very handy. Although they still require longer than the 4 working days that our buyers solicitor have given them. I can't post links as a new forum member, but I read it on a blog after searching "how long does hsbc take to release mortgage funds"

joe90mitch

It's not the same issue at all, but we had a lifetime ISA and Skipton state they need 30 days notice to ensure they can release the funds in time. Cue panic when we suddenly get asked to exchange the following day and our solicitor hadn't requested the funds yet. In the end it took Skipton just two working days.

It's difficult for you as it's out of your hands, but I'm sure your sellers are probably calling up and speaking to HSBC and you'd assume they prioritise urgent cases. This won't be the only time something like this has happened.

TeaWhy

joe90mitch said:

It's not the same issue at all, but we had a lifetime ISA and Skipton state they need 30 days notice to ensure they can release the funds in time. Cue panic when we suddenly get asked to exchange the following day and our solicitor hadn't requested the funds yet. In the end it took Skipton just two working days.

It's difficult for you as it's out of your hands, but I'm sure your sellers are probably calling up and speaking to HSBC and you'd assume they prioritise urgent cases. This won't be the only time something like this has happened.

I hope you're right. And yes - just that - it's incredibly frustrating not being able to do anything. We've really invested in the thought of moving to this new house, so it'd be awful to have to find a new one.