Outstanding qury

[Deleted User]

it is easier to be on a upgrade

CSI_Yorkshire

As far as I know, and I'm no expert, once the funds have been released they don't get called back.

You will be paying interest from the day of funds release and the repayments will start to be due, but the rest is ok.

K_S

Deleted_User said:

I think we meant to do the exchange and completion on the same day. 

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

@xavior2023 That doesn't sound right as usually the sols will not exchange or request to release funds until all outstanding queries are resolved.

user1977

CSI_Yorkshire said:

As far as I know, and I'm no expert, once the funds have been released they don't get called back.

No, it's still subject to the solicitor being able to sign everything off and complete. If they can't do that then they need to send the funds back to the lender and try again at a later date - the money can only be held by the solicitor for usually a couple of days.

simon_or

Are you sure the bank has released the funds? Unless the solicitor jumped the gun or made a mistake it doesn't sound likely if service charge queries are still o/s. It can take a good while to get a response from the managing agent for a leasehold flat.

They're holding the funds in trust for the lender and can't simply hang on to it indefinitely, at some point (a few days max) they'll have to return it.

[Deleted User]

Guys I do not understand, we sort out my the inquiry with the outstanding services. 

My solicitor share with the the email trail that the seller solicitor fully agreed to the complition date. 

The funds are now compeletly in the sellers bank account. 

But my solicitor saying seller solicitor do not have the permission to exchange contract because seller does not allow it.

Strummer22

Deleted_User said:

Guys I do not understand, we sort out my the inquiry with the outstanding services. 

My solicitor share with the the email trail that the seller solicitor fully agreed to the complition date. 

The funds are now compeletly in the sellers bank account. 

But my solicitor saying seller solicitor do not have the permission to exchange contract because seller does not allow it.

Your solicitor will only request the funds when they are ready to complete. The funds will then be in your solicitor’s bank account.

Your solicitor should only send the funds to the seller after exchange and at completion. If, as your post suggests, your solicitor sent the funds to the seller but the contract has not been exchanged, then your solicitor has made a big mistake and needs the seller’s solicitor to send the money back immediately.

user1977

Strummer22 said:

Deleted_User said:

Guys I do not understand, we sort out my the inquiry with the outstanding services. 

My solicitor share with the the email trail that the seller solicitor fully agreed to the complition date. 

The funds are now compeletly in the sellers bank account. 

But my solicitor saying seller solicitor do not have the permission to exchange contract because seller does not allow it.

Your solicitor will only request the funds when they are ready to complete. The funds will then be in your solicitor’s bank account.

Your solicitor should only send the funds to the seller after exchange and at completion. If, as your post suggests, your solicitor sent the funds to the seller but the contract has not been exchanged, then your solicitor has made a big mistake and needs the seller’s solicitor to send the money back immediately.

If it's simultaneous exchange and completion then it's plausible that they're only agreeing to do both after the money has hit the seller's solicitor's account. It will still be held to the order of the OP's solicitor.

OP, if you don't understand what's going on, you need to talk to your own solicitor. And keep on talking to them until you do understand.