Mortgage interest for the day prior to completion

LearningToBePassive

Hello
My remortgage completes tomorrow but I've noticed that the mortgage provider has released the funds to the conveyancer today and charged me a day's interest already (around £85).  I appreciate the benefits of the money being ready early to ensure that completion happens smoothly tomorrow, but I can't find this early payment and associated interest mentioned anywhere in the documentation I've received to date. I therefore don't believe that the costs have been communicated clearly.
Has anyone else experienced this and tried to challenge it?  
Thank you

BarelySentientAI

I think you should read the documentation again.  This is not unusual.

It will almost certainly say that interest is due from the release of funds, which has been done by your authorised representative.

LearningToBePassive

As far I can tell, the building society's documentation says I pay interest on the money I owe them, calculated daily.  My question was more about why there was no communication that the release of funds would occur prior to the completion date.  It may be standard practice but I wasn't aware.   The building society tells me that this is something that I should take up with the conveyancer so I'll ask them.

BarelySentientAI

Take it the other way around - would you have preferred that the money wasn't there until 5pm tomorrow and then unavailable to complete until the following day?  Would that cost you more or less than £85?

MWT

LearningToBePassive said:

The building society tells me that this is something that I should take up with the conveyancer so I'll ask them.

They have released the funds on the request of your conveyancer, and your interest starts from the day the funds were released, so your lender is entirely correct in charging the interest.

If there is any lack of clarity it is between you and the conveyancer, so that is the right person to talk to...

user1977

LearningToBePassive said:

It may be standard practice but I wasn't aware.

Well, you are now! It wasn’t going to happen any other way.

LearningToBePassive

BarelySentientAI said:

Take it the other way around - would you have preferred that the money wasn't there until 5pm tomorrow and then unavailable to complete until the following day?  Would that cost you more or less than £85?

I'd have been fine to take that risk:  it's a remortgage and there would have been a fair chance that the money would have reached my current lender tomorrow (I'd therefore have saved £85) or on Wednesday in which case I would have ended up paying £85 overall.    So it would not have cost me more than £85 and might well have been zero.
My point is that it would nice to have been consulted or at least forewarned.  Nothing was documented or written about this anywhere.

ACG

Its down to the solicitors not the lender. Your solicitor requests the money for a certain day, the lender acts on that. 

It is fairly standard practice, over the years I have seen a few occasions where the money does not come in on time so it is done with good reason. But I always assumed solicitors made people aware of when the money was coming in. 

housebuyer143

LearningToBePassive said:

As far I can tell, the building society's documentation says I pay interest on the money I owe them, calculated daily.  My question was more about why there was no communication that the release of funds would occur prior to the completion date.  It may be standard practice but I wasn't aware.   The building society tells me that this is something that I should take up with the conveyancer so I'll ask them.

Just remember don't compete on a Monday because they get the money on the Friday and you have to pay 3 days interest. 
You are aware now - this is how it's always done. 

LearningToBePassive

housebuyer143 said:

LearningToBePassive said:

As far I can tell, the building society's documentation says I pay interest on the money I owe them, calculated daily.  My question was more about why there was no communication that the release of funds would occur prior to the completion date.  It may be standard practice but I wasn't aware.   The building society tells me that this is something that I should take up with the conveyancer so I'll ask them.

Just remember don't compete on a Monday because they get the money on the Friday and you have to pay 3 days interest. 
You are aware now - this is how it's always done. 

Yes, was just thinking the same.  I just happened to pick a Tuesday so I suppose I should be grateful :-)