How long in reality to draw down mortgage funds?

Myci85

Hi all, 
I'm just wondering what people's recent experience is in how quickly solicitors are able to get mortgage funds once requested? Looking online it seems the general rule is 3-7 days. 
We've been told that we're hopefully working towards completion on 27th Sept still, that's the date our vendors are also hoping for. We have signed contracts but have not agreed a date to exchange yet and our solicitor was on annual leave last week so I don't think our mortgage funds have been requested yet. 
I'm starting to think it's unlikely everything will be sorted in time to actually complete on Friday, but just wondering whether people's experience is that it really does take 7 days sometimes. Obviously don't want to be in the position of exchanging unless we're confident funds will arrive in time, and I know people warn against same day exchange and completion. Lender is Accord if that makes any difference. 

housebuyer143

Depending on the lender it can be done 24 hours before - they can call them and ask them to rush it and many will. Your solicitor won't request funds without a completion date agreed, but you don't have to exchange to request funds. 

I signed up to land registry alerts on the property I was selling and I knew the buyers solicitor had requested the monies because a request to lodge a charge at the LR flagged up a few days before. It might work on the house you are buying to, but really your solicitor will probably tell you first. 

Hoenir

As soon as the funds are drawn down you'll be paying interest. Lenders aren't going to release funds until the point of exchange is reached either. Matters move very fast when they need to. No need to panic. 

ACG

Most lenders say they need 5 working days. 
However many can do it in less than that - it will really be stipulated by the lenders stance. 

user1977

I can't remember dealing with any which actually required 5 working days, that's just a very conservative response time - next day should be feasible, I've even managed same day. But I don't have any experience with Accord.

ACG

Accord say 6 working days according to this:
https://lendershandbook.ukfinance.org.uk/lenders-handbook/englandandwales/question-list/1968/#:~:text=5 working days.,-Kensington Mortgage Company&text=A minimum of 5 Business,a re-inspection is required.

user1977 said:

I can't remember dealing with any which actually required 5 working days, that's just a very conservative response time - next day should be feasible, I've even managed same day. But I don't have any experience with Accord.

3 working days - Halifax
5 working days - Barclays, co-op, Kensington, kent, Leeds BS, Santander
6 working days - HSBC, 
Natwest say 7! 

Most seem to vary but in practice most can also do it quicker than the stated times in the handbooks. 

Sorry @User1977 I have just re-read your post. I think I missed the "required" - its sunday morning, give me a pass. 

Myci85

Thank you everyone. I guess it's a case of seeing what my solicitor suggests tomorrow then, especially if Accord usually say 6 days. 
Would be great to do completion Friday if we can, but not the end of the world if it's pushed back a few days.