Drawing mortgage funds down before exchange?

Giggidy

We will hopefully be exchanging and completing soon, our solicitor has brought up the option of drawing the mortgage funds down first before exchange and completing within a day just as a safety measure with all the upheaval with mortgage products being pulled and so forth. Or we exchange and wait 5 full days to complete as its with Natwest and they take that long to send funds. 

I understand it would be rare for lenders to withdraw offer at this stage unless for fraud etc, and even if the money does get sent before exchange they can still take it back again before completion. I don't know what I am asking really, just a little confused what to do for the best. It took so long to get to this stage, and don't really want to dither but also dont want to regret anything.

housebuyer143

Giggidy said:

We will hopefully be exchanging and completing soon, our solicitor has brought up the option of drawing the mortgage funds down first before exchange and completing within a day just as a safety measure with all the upheaval with mortgage products being pulled and so forth. Or we exchange and wait 5 full days to complete as its with Natwest and they take that long to send funds. 

I understand it would be rare for lenders to withdraw offer at this stage unless for fraud etc, and even if the money does get sent before exchange they can still take it back again before completion. I don't know what I am asking really, just a little confused what to do for the best. It took so long to get to this stage, and don't really want to dither but also dont want to regret anything.

Are you in a chain? If so, you will likely find no one else is on board with such short notice between the two. 
No chain either side & you might as well do them together to be safe. 

Giggidy

End of chain either side, our buyer has been living in a short let and really keen to move asap and our sellers went their seperate so not much to move in and out in both cases. We are also prepared to move our stuff to storage units if necessary

Jonboy_1984

We recently did something similar successfully from our perspective - be aware that unless your sale completes the same day you may need to stump up (and then reclaim) the second home stamp duty.

Giggidy

Jonboy_1984 said:

We recently did something similar successfully from our perspective - be aware that unless your sale completes the same day you may need to stump up (and then reclaim) the second home stamp duty

Thankfully all sides completing on the same day, we've decided to just bite the bullet and exchange hopefully tomorrow and complete next week. Just one more week out of 52 to stress.