Does lender notice to release funds include the completion day?

AndyDufresne

Just curious, does the typical notice required for a lender to release funds to a solicitor (let’s say 5 working days for example) include the completion day in the notice period? And what about the day the funds are requested, is this also included?

E.G. say the COT is received by the lender on Monday, with funds requested to be drawn on Friday. Does this still meet the required 5 working day notice period?

Or does it have to be ‘full’ working days (e.g. would this example only be 3 days working notice, I.e. Tuesday Wednesday and Thursday)?

Also, how often does the lender not provide funds if the notice period is cut slightly short by a working day or two? I’m with NatWest if that makes any difference. 

Thanks in advance 

AndyDufresne

Bump.....?

Kyresa

Any prudent solicitor will request that the funds arrive the day before completion to avoid any last minute difficulties.  If you wanted funds requested on a Monday for completion on a Friday I personally would want to see confirmation from the bank that funds will be arriving on time before I would agree to exchange.    

rfoodie93

I was going to ask the same question.. did you find out the answer? 

silvercar

Lots of lots of people find themselves in a situation where they exchange within a day or two of completion and the lenders cope.

Recently we exchanged on a Friday before a bank holiday weekend and completed on the Tuesday, ironically forced into such a small gap by the mortgage offer expiring on the Tuesday. The lender managed to release the funds on the Friday - so the same day they were called. 

user1977

In reality they don't need to use the full 5 working days or whatever their alleged minimum service standard is - they'll get the funds to you on the day required. Next day is commonplace, even same day can be done (though I wouldn't necessarily bet on it!).

Your solicitor does this day in and day out - if they're not worried, no reason for you to be.