Requesting mortgage funds

dj1471

We were all set for exchange today, all solicitors had agreed the completion date (Wednesday next week) a few days earlier. As exchange worked its way up the chain it transpired that our vendor’s solicitor “forgot” to request mortgage funds in time…

I don’t know who the lender is, but they require 5 days notice which is now not possible. I appreciate it depends on the lender, but in general is it possible to expedite the release of mortgage funds? They’ve applied directly, not through a broker.

I’m seriously p’d off as we’ve been trying to exchange for 3 days, but delayed by my buyer’s solicitor requiring confirmation from their lender (Platform) that funds will be released in time. Now this…

user1977

Generally, lenders don't really "require" 5 days notice, that's just the minimum service standard they promise. Next day, even same day, is achievable. But obviously depends who the lender is and their current workload etc.

MaryNB

It is often possible if the vendor's solicitor requests a quicker release of funds. My lender confirmed release of funds within 2 working days depsite having a general requirement of 5 days. 

Thrugelmir

Might even be a smoke screen laid by the solicitor as there's a last minute hitch to resolve.