completion date unknown

[Deleted User]

First-time buyer here with stress levels off the roof! so please bear with me. 

I spoke to the bank this morning, and they confirmed the mortgage funds have been released and should be with the solicitor. 

Also, the rest of the funds for the purchase which was sourced by me has been transferred to the solicitor and he has confirmed it. 

but after speaking to them, the solicitor does not confirm a completion date nor the state agent scheduls a key collection, any idea? 

kingstreet

Completion is a date agreed by all parties. It is confirmed on exchange of contracts.

If these are happening on the same day, the solicitors obtain the funds and once they have them they exchange contracts then complete.

Key release won't be authorised by the vendor's solicitor until they are in receipt of the funds. There is no preparation possible.

TheJP

Have you exchanged contracts or are you doing exchange and completion on the same day?

[Deleted User]

TheJP said:

Have you exchanged contracts or are you doing exchange and completion on the same day?

I think we meant to do it on one day but now I know more about the issue. 

The mortgage has been released and I have transferred my funds. 

The solicitor saying there is still an outstanding query about the apportionment service charge which the seller's solicitor cannot confirm i.e. might have to be dealt with the managing company. 

Nobody can confirm the timeframe but the advice is matter of days. 

Now I'm worried if it takes a long time for the inquiry to come, can my released mortgage get canceled? 

please help if can

Edi81

The funds will be sent back to the lender and then drawn down again once you are able to complete.