Requesting Mortgage Funds

luis1988

Bit of a random one - being pressured to exchange by this week in order to complete for end of next week as have been told you need 5 working days max for mortgage funds drawdown.

My question is - can/should solicitors request mortgage funds prior to exchange of contracts? As if that's the case then obviously exchange of contracts would still work early next week?

Thanks!

Orchid96

I have been told the same by my solicitor. They wanted at least 1 week between exchange and completion when we bought. I don't think solicitor car request for funds before contract exchange.

luis1988

Ok thanks both, I got a different impression from my solictor but they have been pretty useless so not sure what to believe!

thomas1112

We completed on a purchase recently and the solicitor submitted the certificate of title to our lender before we had exchanged. CoT submitted on Monday for completion the following Monday, exchange didn't happen until the Wednesday after the CoT was submitted.

kingstreet

Exchange of contracts has little significance for a mortgage lender.

The solicitor submitting the Certificate Of Title quotes the anticipated completion date and if that doesn't happen the solicitor has only a few days in which to return the funds.

luis1988

Ok great thanks all - so in reality a solicitor just needs to do their job and request the funds with enough lead time, outside of exchange really