Funds Release Timeframe

TechM89

Hi all,  we are hoping to lock some exchange/completion dates down soon and I was wondering if anyone knows the timeframe Halifax takes to release funds to the solicitor? I have read that people manage to exchange and complete the same day so just trying to see if it’s possible. 

amnblog

Halifax expect 3 days notice to release funds.

No idea why you would want to exchange and complete on the same day (nor why others in the chain would), speak to your Solicitor.

simon_or

TechM89 said:

Hi all,  we are hoping to lock some exchange/completion dates down soon and I was wondering if anyone knows the timeframe Halifax takes to release funds to the solicitor? I have read that people manage to exchange and complete the same day so just trying to see if it’s possible. 

I did exchange and complete on the same day with Birmingham Midshire (BTL bank owned by Halifax) during COVID. The house was vacant and this was a rental purchase so there was no chain. 

Exchange has nothing to the bank so all that will happen is that the solicitor will request release of funds a few days prior to completion, receive the funds the day before completion and then use it to complete on the day.

If the purchase is chain free, it can work but if there is a chain, it will be hard to get everyone to agree to it.

user1977

Lenders can usually release funds far faster than their quoted minimum timescales - next day or even same day is possible. But I wouldn't plan around them being able to do it.

As above, same day exchange and completion generally means everyone is working towards a provisional date and the funds have been requested in advance.

TechM89

Thanks all, I don’t expect to exchange and complete and I don’t want to  We are in the process of discussing dates and I wanted to make sure there was enough gap in between for the funds to be clear.