Mortgage fund release date - can it be changed

barcopennight

We thought we had agreed a completion date of 17 September with our sellers (S1) and their sellers (S2) so we told our solicitors. They confirmed it with S1's solicitors so they applied for the mortgage. I got a text from Natwest yesterday saying the funds will be released on 16 September, the day before completion.

We have not actually exchanged though as we were promised that they were close to being readyso were expecting it imminently.

Instead however, we got a call from the estate agents saying S2 want to move the completion date to 15 September. We pushed back hard but they won't budge.

I asked my solicitors, who have not been helpful to be honest, who said it was impossible to move the funds release date earlier now and to change the completion date, they would have to wait for the funds, send them back and then request them again, which would take a few weeks.

Does anybody know if the solicitor can easily change the funds release date / completion date once they have been requested from the bank for a certain date? I.e. they are set to be released on 16 September for a 17 September completion but we are now looking for them to be released on 14 September for a 15 September completion.

Many thanks in advance for any help!

Thrugelmir

barcopennight said:

Instead however, we got a call from the estate agents saying S2 want to move the completion date to 15 September. We pushed back hard but they won't budge.

Hardly surprising your solicitors are miffed. Seems the actions of the parties in the chain are creating additional work. What happens if exchange of contracts gets delayed? 

barcopennight

Yeah, we will end up paying more to the solicitor for more work if it does change. They said they don't know what needs to be done yet, how long it would take or how much it would be.

We have no idea what might happen. The solicitors were not that helpful, they have not been during the whole process to be frank. That's why I'm trying to figure out whether it's possible to change the mortgage funds release date to be a few days earlier.

MaryNB

It should only take up to 7 days to get funds released by NatWest, not a few weeks. In many cases a solicitor can push to get it released faster. 

I'm surprised they can't cancel the 16th. There's plenty of time and you're not the only people to ask for release of funds without a set completion date. Without exchange there's always uncertainty.
I'm surprised NatWest can't halt the transfer of a 6 figure sum... 

I mean I have no idea of how banks handle mortgage funds release but I'm skeptical given my dealings with my solicitor. She refused to allow less than 5 days between exchange and completion. Exchange was delayed so completion had to be delayed. I in turn told the EA we'd have to delay completion. Next thing I know my solicitor had requested the funds, received confirmation they could be released in 2 days and we could exchange the day before completion. We completed as originally planned. 

Though as Thrugelmir says I can understand why your solicitors are annoyed. And you have had much right to hold your ground over the 17th as they do over the 15th. It's nice to complete on a Friday if you work during the week because you get the weekend to unpack. Obviously though someone has to break the stalemate. 

TBG01

I mean I have no idea of how banks handle mortgage funds release

So why say this:

There's plenty of time and you're not the only people to ask for release of funds without a set completion date.

Because if you're implying that banks will release funds without a completion dates, well that's simply not true and gives people false hope.

user1977

The bank can certainly change (or cancel) the drawdown given they'll have over two weeks' notice.

MaryNB

TBG01 said:

I mean I have no idea of how banks handle mortgage funds release

So why say this:

There's plenty of time and you're not the only people to ask for release of funds without a set completion date.

Because if you're implying that banks will release funds without a completion dates, well that's simply not true and gives people false hope.

Because like the vast majority of people on this forum I'm just a radomer with an opinion or an experience of once scenario. 
I meant to say "set completion date". Plenty of people have same day exchange/completion which means they need the funds released before the completion date is set in stone, which means there's a risk the funds need to be returned or cancelled. It doesn't always cause weeks of delays. 

barcopennight

@MaryNB was spot on. I rang Natwest and asked them directly. They said this happens all the time and that the solicitor just needs to contact them to cancel the funds and apply again. They said that they request 7 days notice in case there are any problems (e.g. the address or other details do not quite match) in which case they have to go back to the solicitor who then needs to respond. However, they said that they can indeed arrange funds much quicker if needed, sometimes the same day even but obviously not guaranteed.

I went back to the solicitor in writing saying that the completion date has moved and they have managed to change it. I think they were just busy.

We are currently waiting for the mortgage confirmation and then will exchange with a completion date next week (fingers crossed there are no furthrer hiccups!).

Thanks all