Conveyors holding our residual mortgage funds

Hi, I'm after some advice if possible.

We've recently completed on our remortgage, where we have borrowed additionally on our mortgage to fund an extension on our home.

Due to the cyber incident affecting our conveyancer (and 100 or so other law firms), they have been unable to release our money after completion. Their communication about the incident has been poor, and we've been given no assurances when we will get our money.

This is quite stressful, as we have builders and groundworks lined up, which although we have already communicated the delay, will need to know if we're good to pay.

My question is... is it usual to have to wait for residual funds to be released, (in which case we just need to be patient), or does anyone know if there is another route I should be taking?

I know in previous news of attacks on Conveyancing/law firms, it took up to 8months to get resolved. That's a lot of interest we're missing out on, meanwhile we're paying interest on a sum of money we don't actually yet have.

Comments

  • kingstreet
    kingstreet Posts: 38,602
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    No. It's not usual.

    However, there seems to be a reason they are unable to pass on the funds and when this might be resolved is unanswerable.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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