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How long does NatWest require between exchange and completion?
AndyDufresne
Posts: 65 Forumite
I'm about to exchange contracts on a house purchase with no chain either side. The lender for the mortgage is NatWest.
If I were to exchange on a Friday, would completion on the following Friday be enough time for my solicitor to request funds?
Is there any risk involved with there only being a 1 week difference?
Thanks in advance
If I were to exchange on a Friday, would completion on the following Friday be enough time for my solicitor to request funds?
Is there any risk involved with there only being a 1 week difference?
Thanks in advance
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Comments
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Typically 5 working days is perfectly sufficient for your solicitor to draw the funds down from your mortgage lender in readiness for completion.
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Ok thanks. Do you know if Natwest require a minimum of exactly 5 days?Surrey_EA said:Typically 5 working days is perfectly sufficient for your solicitor to draw the funds down from your mortgage lender in readiness for completion.0 -
Also note there is no need to exchange contracts before funds are requested (otherwise simultaneous exchange and completion wouldn't be a thing). All you need is a reasonably good idea of what the completion date is anticipated to be.0
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I bought my house in 2016 with a mortgage from Natwest. We exchanged and completed on the same day.0
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Ah right. So what would be the minimum time between request of funds and completion date? 5 working days? 7?user1977 said:Also note there is no need to exchange contracts before funds are requested (otherwise simultaneous exchange and completion wouldn't be a thing). All you need is a reasonably good idea of what the completion date is anticipated to be.0 -
I don't know what NatWest currently say, but as above 5 working days is pretty typical. In practice lenders can do it much faster, they just don't make promises about it.AndyDufresne said:
Ah right. So what would be the minimum time between request of funds and completion date? 5 working days? 7?user1977 said:Also note there is no need to exchange contracts before funds are requested (otherwise simultaneous exchange and completion wouldn't be a thing). All you need is a reasonably good idea of what the completion date is anticipated to be.0 -
Natwest are officially 7 working days but usually can do same day but wont be held liable if they dont come through if they dont have the full notice
https://lendershandbook.ukfinance.org.uk/lenders-handbook/englandandwales/question-list/1968/
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Does the 7 working days notice include the day that the COT is received, and the completion day, out of interest? Or does the 7 working days exclude these two end dates?0
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Not what you asked but… consensus is to avoid Friday for completion. It the busiest day for conveyancers, & removals. Less potentially fraught in a no chain purchase, but unless there’s a compelling reason to choose Friday, I would go for a different day.Good luck2
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agree have done a few chain free and always aimed for any day other than Friday - last 2 were Monday - all very smoothbadger09 said:Not what you asked but… consensus is to avoid Friday for completion. It the busiest day for conveyancers, & removals. Less potentially fraught in a no chain purchase, but unless there’s a compelling reason to choose Friday, I would go for a different day.Good luck0
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