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Confirmation of funds before exchange
FTB252022
Posts: 3 Newbie
Hi all,
Extremely anxious first time buyer here!
I was due to exchange on Thursday 14th April, the day before the long Easter weekend with completion on Monday 25th. My solicitor called me at 5pm to say she couldn't exchange as she hadn't received confirmation of funds from Natwest after submitting the Certificate of Title. She said Natwest always send it immediately after receiving the Title but the bank holiday was the likely cause and it would likely happen on Tuesday. It's now Thursday/4 working days later and there's still been no confirmation.
There is no chain and the property is vacant so there's no issues on that side, however I am getting a little concerned.
Is this normal? My solicitor has chased twice and had a response saying 'we've received your request, we'll be in touch if we have questions' but nothing else. My solicitor said she normally has it in advance of exchange and wouldn't ever advise proceeding without.
She also said that rather than confirmation of funds at this stage, we'd be better of waiting for funds to hit their account and doing a simultaneous exchange and completion which is fine as we won't be moving in straight away, but it does feel very stressful!
I agree that I don't want to exchange if there's any risk the money won't come through but after searching through these forums, I can't find any hold ups caused by a similar situation (with someone posting the resolution!) I should also disclose that there has been no change to my financial circumstances.
Any advice would be appreciated!
Extremely anxious first time buyer here!
I was due to exchange on Thursday 14th April, the day before the long Easter weekend with completion on Monday 25th. My solicitor called me at 5pm to say she couldn't exchange as she hadn't received confirmation of funds from Natwest after submitting the Certificate of Title. She said Natwest always send it immediately after receiving the Title but the bank holiday was the likely cause and it would likely happen on Tuesday. It's now Thursday/4 working days later and there's still been no confirmation.
There is no chain and the property is vacant so there's no issues on that side, however I am getting a little concerned.
Is this normal? My solicitor has chased twice and had a response saying 'we've received your request, we'll be in touch if we have questions' but nothing else. My solicitor said she normally has it in advance of exchange and wouldn't ever advise proceeding without.
She also said that rather than confirmation of funds at this stage, we'd be better of waiting for funds to hit their account and doing a simultaneous exchange and completion which is fine as we won't be moving in straight away, but it does feel very stressful!
I agree that I don't want to exchange if there's any risk the money won't come through but after searching through these forums, I can't find any hold ups caused by a similar situation (with someone posting the resolution!) I should also disclose that there has been no change to my financial circumstances.
Any advice would be appreciated!
0
Comments
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Listen to your solicitor.1
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Just don't proceed until you have it from their solicitor.1
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Thanks both. Yes, I'm following the advice of my solicitor. I just wasn't sure if the delayed confirmation of funds from my lender was usual and the aim of exchange and complete the same day. I'm hoping it's just the short weeks that have caused the delay in comms0
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Solicitor knows best.0
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