Completion a week today. Mortgage funds release question

WorriedBuyer2021

Exchanged on my purchase 9 days ago, at which time my solicitor requested funds release for the 29th Sept, in time for completion on 30th Sept. Today, asked my solicitor for an update RE the funds. He received an acknowledgement of his request two days ago was was told my case is due to be worked on this week. He is going to nudge them tomorrow if he hasn't heard anything but doesn't seem concerned at all.

So we're going on 10 days since the funds were requested and completion is next Thursday. I thought an extreme notice period for providers was around 7 days - not sure if that's working days. I expect mortgage providers are busy due to the stamp duty deadline and hopefully that's the reason for this perceived slowness. I will sleep easier knowing this is sorted.

Is anyone else very close to completion and experiencing similar?

Lorann_86

Oh my this scares me alot! We are due for completion (and likely exchange unless something happens tomorrow) and our funds were requested yesterday! Our solicitor is confident though so that's fine right! Nothing to add other than I didn't think it took that long! Which lender is it? 

user1977

Your solicitor does this day in and day out. And they're not concerned. The people at your mortgage lender literally do this for a living. It'll get done. It'll get done even more easily if they don't need to constantly fend off calls from solicitors asking "yes, but are you sure you'll do it on time? Really sure?" etc.

5 working days is the normal notice period lenders ask for. Here, they've been given 13 working days' notice.

You'll only know for certain that it's been "sorted" when the money actually turns up, won't you? Which will probably be the day before completion. I would find something else to concentrate on, this is one of the least troublesome bits of the process.

WorriedBuyer2021

That is very reassuring and a virtual slap around the face, which was very much needed. Thanks.

user1977 said:

Your solicitor does this day in and day out. And they're not concerned. The people at your mortgage lender literally do this for a living. It'll get done. It'll get done even more easily if they don't need to constantly fend off calls from solicitors asking "yes, but are you sure you'll do it on time? Really sure?" etc.

5 working days is the normal notice period lenders ask for. Here, they've been given 13 working days' notice.

You'll only know for certain that it's been "sorted" when the money actually turns up, won't you? Which will probably be the day before completion. I would find something else to concentrate on, this is one of the least troublesome bits of the process.

WorriedBuyer2021

My mortgage provider is not a large high street one, but it is very well known. I'm not naming them because in the last four months I've become more superstitious and paranoid than I ever thought possible. As the other reply says, we should trust our solicitors and focus on something else. They do this day in and day out.

If you're not too busy enjoying yourself tomorrow, you could let us know when it all goes through

arrows123

Mine has requested funds today for Tuesday but told me they normally want five working days. She’s done it for Tuesday to cover in case it’s late and arrives Wednesday. Luckily I’m in no chain and the property is vacant. 

E_D_FTB

Like others have said, you've got to trust your solicitor - this is what they do! We're due to complete Thursday, although not exchanged yet, and our funds were requested yesterday just to make sure. Got a text and email from Nationwide that the funds would be released on 29/09, but I don't know if all lenders do that.