Santander drawing down funds - notice period

rakoczigabi

Hi ,
I hope it’s the best place to ask. 

I was supposed to exchange a week ago. But my buyers didn’t want to agree on a completion day ( 21st July ). 

They finally agreed yesterday. Yayy 

my solicitor contacted Santander asking if the 21st is good for them , to draw down the funds. 

So far I haven’t heard anything back from my solicitor. 

How long does it take to hear back ?

I know they need 5 working day notice. 

But till I exchange I can’t even book a removal company. So starting to panic a bit. 

Thank you. 

themainman84

Most solicitors generally ask for the funds to be released to them on the day before completion (making the request 5-7 days for release day before completion should help eliminate any last minute issues). Are you exchanging and completing on the same day?

Lenders don't always inform solicitors of when they have received request for funds. They generally just send them down on the requested day (this was the case with us and halifax). I think in this case no news should be good news

Has your solicitor officially requested the funds from lender? If so, you have given more than enough notice.
You could also call your lender to check the status of the request.

rakoczigabi

well he might be completely incompetent then. 

I’m not exchanging and completing on the same day. 

He said he need to hear back from Santander to see if they can do the 21st. 

I spoke with him just after lunch time and he said he didn’t hear anything. 

I was supposed to exchange last week. But my buyer didn’t want to agree with a completion day, till yesterday morning. 

So my solicitor only was able to speak or email Santander yesterday afternoon.