FD mortgages - how long for approval?

drinkduffbeer

And we have a winner :beer: well done Hangover:T

mrsm

Well done Hangover:beer::j:beer:

dweeby

hangover wrote: »

Had a slight hiccup today because FD had not transferred the correct amount to the solicitor but they sorted it out quickly with a same day transfer and it's all been confirmed now.

Congratulations! well done, and all that...

Just out of interest (because I'm approaching this stage I hope), do you know how long it took for them to transfer the money, once requested? I've heard estimates from "instantly" to over a week.

hangover

dweeby wrote: »

Congratulations! well done, and all that...

Just out of interest (because I'm approaching this stage I hope), do you know how long it took for them to transfer the money, once requested? I've heard estimates from "instantly" to over a week.

Thanks everyone. I didn't realise I was the first - the (virtual) beers are on me! (It's a big relief - I barely slept last night worrying that it was all going to fail due to the 'hiccup').

In answer to dweeby, they transferred the bulk of the money yesterday in, presumably, a same-day transfer (the additional money which they transferred today was definitely a same-day transfer and they said it would take a few hours to reach the solicitor). But the date for completion (i.e. today) was set about 2 weeks ago and so they had plenty of warning to organise it.

LostSocks

Well done hangover :beer:

I have been told that our sellers ha ve given us prior warning today that they will be giving us our 9 days to complete next Tues (complete on 10th April). Solicitor is going to request funds from FD ready for 7th to ensure all okay for 10th - I think this is what he said.

Now, do I give notice on our current rental on the Monday (rent and agreement start date is the Tues), knowing that they might not phone to complete or do I leave it and end up paying for a further months rent more than I need to? I think I might take the gamble :eek:

Updated time line

LostSocks

Just realised I made a mistake with the dates. If they do give notice next Tuesday (25th March) then 9 days is actually the 3rd April. So moving even quicker than I thought. Not sure where the 7th came into it then? I could have sworn the solicitor said the 7th. Hmm, might have to check with the solicitor as to what he said.

Dweeby - hows your move going? Do you know how long it might be delayed by? It's very bad what's happened with your sellers for both of you. I know how frustrated you must feel with wanting to move, but not being able to do so.

jem16

LostSocks wrote: »

Just realised I made a mistake with the dates. If they do give notice next Tuesday (25th March) then 9 days is actually the 3rd April. So moving even quicker than I thought. Not sure where the 7th came into it then? I could have sworn the solicitor said the 7th. Hmm, might have to check with the solicitor as to what he said.

I did notice your dates didn't make sense but then I'm not familiar with the English system so thought it was just me.

InMyDreams

allan673 wrote: »

the legal paperwork was printed this morning and it needs checking then its sent to me, so i should get it this week, also they are going to request a redemption figure from my current lender.

Any luck with the legal docs? Mine were printed on the 13th (7 days ago) and went for checking on the 14th. I've been speaking to someone this morning and they are still in checking :mad: I assumed this was because of the valuation problem, but apparently not. She said she'd chase it up and try and get it sent out today, but what with the bank holidays I'm not holding my breath. Even if it did turn up on Sat, our post comes so late we won't be able to send it back until next Tuesday at the earliest now. Then we only have a week left before SVR hits.

As for the valuation, the valuers still haven't got back so FD have promised to chase them. FD will ring back this morning to update. So I'm told.

Edit: 9.30 they rang back! Good news all round. She confirmed the legal docs are being sent out today. The valuers have confirmed that their figure was indeed an error on their part and have changed it to match mine. (ie £275k rather than £175k phew.) They are also requesting the redemption figure today.

totally_confused_3

Hi everyone... How's everyone been? Haven't been keeping up to date with the progress of this thread as I have been busying trying to sort out other issues with the house.

Just an update, we were supposed to exchange and complete today but didn't happen as some docs were still outstanding (seller is overseas and refused to answer some questions and we had to get them through the EA and managing agent). So we only got notice that they were received yesterday which was too late for us to transfer the remaining 20% LTV to our solicitor for completion. Oh well, but at least we were more or less there.

dweeby wrote: »

Congratulations! well done, and all that...

Just out of interest (because I'm approaching this stage I hope), do you know how long it took for them to transfer the money, once requested? I've heard estimates from "instantly" to over a week.

Just to let you know, I think the money from FD comes "instantly" although you might have to give them some notice. I know this coz our solicitor requested the funds last Fri (14th) for completion today (20th). But as we delayed completion, she called FD yesterday afternoon (19th) to stop the funds from being sent over and she managed to do it. Which means that they would only send the funds 1 day before completion.

My final timeline here. Abt 5+ weeks from intial contact to completion.

totally_confused_3

dweeby wrote: »

Glad things are progressing for you. As we're buying a house (not re-mortgaging) I'm also interested in the time taken to release funds. My solicitor believes he can get the money in a day or 2, although I might have to pay ~£30 for a CHAPS transfer

Yes, you will need to pay £30 for the bank transfer as I saw the completion statement and invoice from my solicitor and my mortgage amt was less £30.

HTH