Are we ok to exchange?

hc_buyer

Hi all, we’re due to exchange on a property asap. However, our solicitors have raised a risk due to the portal they use to communicate with Barclays not being updated. They submitted the CoT which then got referred for manual review. Their system is still saying it needs to be reviewed, however our mortgage broker had an email confirming completion authorised and a date for funds. We’ve also had verbal confirmation from Barclays, a live chat confirmation and our solicitors also had verbal confirmation all was good to go, just not an update to the portal (I think it’s Lender Exchange?) 😅

Questions; 

1. if Barclays have sent the email to the broker saying “This is an automated e-mail for information purposes only and replies are not monitored.

For mortgage account number ending XXX, we’ve authorised completion and the funds are set to be released o‌n 28/02/2024.”, are we good to go? I.e. there’s no reason why the money wouldn’t be sent?

2. Does anyone have any experience of using lender exchange with Barclays and how often the info gets updated?

Thanks

EssexHebridean

As there is confirmation on the CoT being received and funds being cleared for release from the lender, then I wouldn't worry too much about the Lender Exchange side of things. It might be worth asking your solicitor to clarify why they consider there to be a risk (have they not had the same correspondence from Barclays, for example?) though.  If they haven't had that, then that's a job for the broker - contacting Barclays direct and asking them to urgently formally update the solicitors on the release of funds. 

propertyrental

Follow your solicitor's advice.

GDB2222

The downside if there’s a  short delay is that you would be liable to everyone in the chain for their extra expenses, such as hotel stays and storage. That could amount to £000s. That’s the least bad version. The worst is that you lose your 10% deposit or more. 

The risk of that happening is probably low, and you may decide to take a gamble. If you ignore your solicitor’s advice, nobody will bail you out if TSHTF.

hc_buyer

Broker is seeing case closed, and solicitors had verbal confirmation, just haven’t had it on the portal.