Chain hoping to complete 20th April - Solicitors driving us mad!

Prichard

So while we paid above market rate for solicitors that we know well and know to be good - unfortunately the same does not apply for all those in our chain. 

We have not yet exchanged but the aim is to do that on the 13th (one week before exchange). However, there are two bank holidays between 13th and 20th - Will most lenders (we are with HSBC) be flexible on their drawdown times?

Our solicitor has said 5 working days which would mean we need to exchange on Monday 11th. How flexible are lenders on these timescales? I find it hard to beleive that it really takes 5 days. 

There are still a couple of enquiries in the chain to sort & also one indemnity policy around a right of way but the solicitors all seem to be reasonably confident that this won't be a problem. The only other part is bottom of the chain (who are buying a flat). They are waiting on a new Management Pack to review the new management fees for this financial year.

House moving is stressful business!! 

user1977

5 working days is (usually) very much a worst case scenario.

Prichard

user1977 said:

5 working days is (usually) very much a worst case scenario.

Thanks - The following the the word for word response from our solicitor on that matter. Admittedly it is our Solicitor's assistant but she has proven to be reliable in the past. Should we challenge what she is saying?

'We cannot drawdown the funds until we have exchanged contracts and yes the last day to exchange will be Monday if completion is to take place on the 20th'

user1977

Complete nonsense to say they need to exchange before requesting the funds - after all, simultaneous exchange and completion happens often these days. You do want to be reasonably certain of when completion will happen (to save the hassle of having to send the loan funds back and doing it all again on a later date) but there's no technical reason why you need to have exchanged.

And generally all the big lenders are organised enough to send funds at shorter notice.

Any reason for not exchanging earlier than the 13th?

Prichard

Yes - there are still a couple of enquiries to be sorted. One on a public right of way that is also the access to a property (indemnity policy going in on that one) & also one on the updated management pack for a leasehold property at the bottom of the chain. 

user1977

Prichard said:

Yes - there are still a couple of enquiries to be sorted. One on a public right of way that is also the access to a property (indemnity policy going in on that one) & also one on the updated management pack for a leasehold property at the bottom of the chain. 

Ok, but why does anybody believe they'll have been satisfactorily answered by the 13th rather than any other date?

Prichard

Long story but bottom of the chain’s mortgage expires on the 20th and HSBC need the 5 working days to draw the funds down. 

We are now hoping that we can either break the chain or that someone below us will. Makes no sense to lose the chain now that everyone is so close.