Financial settlement

maggiemoo2014

I have just been recently divorced and I am still awaiting my financial settlement. Everything has been signed off from both parties, but I was wondering how long does it usually take for the mortgage company to draw down funds?

TBagpuss

It depends how far though the process you are _ solicitors normally need to give about 5 days notice to get the funds once they are ready to complete, but of course the process from starting the mortgage application is much longer, and if the lender requires searches / valuations then if may be 8-12 weeks.

Also, as the transfer documents would usually refer to the order it's pretty common not to complete until the sealed order is available from the court , and the details included on the TR1 and signed by you both.

The court aims to process orders within 4 weeks if they are submitted via the online portal, typically slower if they were submitted on paper. 

Does your order include a timescale, and do you know how far through the mortgage process you / your ex is?

maggiemoo2014

The consent order was sealed in September, all of the transfer deeds have been signed and sent.