Mortgage funds arrival

soplum

Hi all,

I am due to complete on Friday 10th sept.  

I had a text from nationwide on 26th august that my solicitors requested my mortgage funds to be sent in 9th sept.

do I ask/is it normal to ask the solicitor to inform me when the mortgage funds have arrived or do I just leave it? 

Feel like I want to ask but then I’ll also be worrying myself until I get the email so maybe not knowing at all would be best?!

what do you think? 

TIA

MaryNB

You can ask but if nationwide have confirmed the funds will arrive on the 9th I wouldn't get stressed about it. At long as you don't do anything daft like get an car on finance between now and the 10th you should be fine. 

My solicitor didn't confirm it with me. I just notice the night before completion that a new mortgage account appeared on my banking app.

nicnola

The funds will be transferred to the solicitors account who will then hold all monies until all paperwork complete and will then transfer all monies where required making the necessary disbursements. If they’ve told you completion date is 10th, this is when they will do the transfer from their accounts. They have to put the mortgage provider on notice to transfer funds in readiness of this. 

soplum

MaryNB said:

You can ask but if nationwide have confirmed the funds will arrive on the 9th I wouldn't get stressed about it. At long as you don't do anything daft like get an car on finance between now and the 10th you should be fine. 

My solicitor didn't confirm it with me. I just notice the night before completion that a new mortgage account appeared on my banking app.

I have the new mortgage pending on my banking app so I'm guessing all is good so far!

Thrugelmir

You are charged interest from the date of drawdown. You'd soon be complaining if the solicitor drew them down too early. 

soplum

Thrugelmir said:

You are charged interest from the date of drawdown. You'd soon be complaining if the solicitor drew them down too early. 

Not worried about them drawing them early or anything! 

Just want to make sure they arrive ready for completion 

tinytiddles

I would almost say that you have to go with the “no news is good news” approach. If the funds are there in line with the solicitor’s requirements then they won’t contact you but would if there was a problem. It is very very rare for the funds not to turn up in time so rest easy. That being said I was a bag of nerves and didn’t sleep a wink the night before we completed so I completely understand. Hope your move does well!

Thrugelmir

soplum said:

Thrugelmir said:

You are charged interest from the date of drawdown. You'd soon be complaining if the solicitor drew them down too early. 

Not worried about them drawing them early or anything! 

Just want to make sure they arrive ready for completion 

There's nothing you can contribute to the process unfortunately.