When does lender exactly release mortgage funds?

SKhanna0702

We are due to complete on a house in early jan, before we broke up for christmas, my solicitor said that he was requesting the funds in readiness and then a few days later said the lender has confirmed funds will be with us for completion, is that it now? Are we definitely getting the mortgage or will the lender check employment and credit etc when we actually get the funds? Also does the soliciter say to the lender exactly when to send the funds or will the lender said ot within 7 days of the soliciter requesting it, how can i check lender has sent, everyone is off till next week, including my adviser and soliciter and im a nervous wreck? I just want to know our funds are safely with the soliciter from the bank. 

ACG

Some lenders do last minute checks before releasing the funds on every case, others will pick some at random. 

Your solicitor has to send off a certificate of title (cot) to the lender. On there, they will say what day they want the money to be sent to their bank account. 

Some solicitors will ask for the money to be released on the day of completion others will want the money a day or 2 before. If there are any problems, if gives them 24-48 hours to fix the problem. 

The only person who can answer your question is your solicitor. 

SKhanna0702

Thanks the lender confirmed with the solicitor funds will be with us for completion, are we safe now or still may do checks on release day? Our sol has not been very helpful at all in the whole process 

Windofchange

SKhanna0702 said:

Thanks the lender confirmed with the solicitor funds will be with us for completion, are we safe now or still may do checks on release day? Our sol has not been very helpful at all in the whole process 

Is there a reason you are wanting to know about checks on completion day? Usually this sort of question is asked on here because something has gone astray such as losing a job, pregnant wife or undeclared payday loans and the such. We were with the Halifax a couple of years back and had no checks done on us last minute before draw down. Solicitor requested the funds to arrive before we exchanged contracts as we were doing a same day exchange and completion due to covid. For us in that instance, had anything gone wrong we wouldn't have signed the contract and therefore could technically have walked away. However, we had nothing to hide, so weren't stressed about it. If you have nothing to hide then everything will be fine. 

CKhalvashi

It's possible checks will be done. This will be private to the bank and you should be informed if it's happening.

Our lawyer requested the money 24 hours before on our last move and the one query that was there took around 30 minutes to resolve, so even on the day would have been fine. We were down-sizing with a significant sum of money to come back to us on a 50%-ish mortgage and the question was related to this.