Have mortage company/solicitor taken the mick?

poozer140604

I completed on my flat on Mon 7 January 2008 :j a date that was decided in mid December 2007. I have since found out that my solicitor made the funds available to the mortgage company from Fri 4 January 2008, which means I have incurred 3 more days of interest than I expected (my solicitor confirmed that all monies for the balance needed for completion was received on 4 January).

My solicitor says that it is standard industry practice to make the funds available to the mortgage company the working day prior to date of completion. Is this true? Should I not I have been told about this by the mortgage company or the solicitor? Is there any way of recover my 3 days of interest?

Thanks in advance!

shazkhan111

yes u have a write to this interest....see one of my previous posts about a month ago

Strapped

poozer140604 wrote: »

I completed on my flat on Mon 7 January 2008 :j a date that was decided in mid December 2007. I have since found out that my solicitor made the funds available to the mortgage company from Fri 4 January 2008, which means I have incurred 3 more days of interest than I expected (my solicitor confirmed that all monies for the balance needed for completion was received on 4 January).

My solicitor says that it is standard industry practice to make the funds available to the mortgage company the working day prior to date of completion. Is this true? Should I not I have been told about this by the mortgage company or the solicitor? Is there any way of recover my 3 days of interest?

Thanks in advance!

Yes. (To get the funds from the mortgage company the working day before).

Yes. (Check all the paperwork from your solicitors. I'd expect it to be contained somewhere in the terms of engagement).

Possibly, but doubtful and is it really worth the aggro?

clutton_2

have you worked out how much it will be ?

Richard_Webster

I routinely get the money from mortgage companies the working day before completion. Many of them will not guarantee a time in the working day that the money will be received and therefore if asked for on the day of completion, it might not come by electronic transfer until 3pm and as the standard contract wording requires payment by 2pm (often earlier) the buyer would be in breach of contract.

As a solicitor I can't let my client buyer get into this kind of potential penalty situation (never mind the chain if he is at the bottom of it) and therefore we have to do this as standard practice.

pink_muppet

I have just received my mortgage offer for a house we aim to complete on in March and after reading it carefully it states on there the funds will be released to the solicitor the day before completion and interest will be charged from then, I am happy with this as at least I know things should run smoothly on move day

Have you read the full details of your mortgage offer? as it may say something like this in there