Mortgage start date question

Harvey's_Dad

Hi,

my wife and I just moved to our new home; we are very happy with it

We completed the purchase on Monday 1st August. However, our mortgage provider, the A&L, says our solicitor requested the money (£140k), on Thursday 28th July. The A&L did this and have charged us the interest between the 28th July and 31st July amounting to about £75.

Is this normal? My initial thoughts were that the money shouldn't have been advanced until the 1st August.

Thanks in advance for any input.

Harvey's_Dad

Hi Chucky,

thanks for your input.

As you say, the transfers are done by CHAPS. I don't see why my solicitor needed the money two days early ... I think maybe I'll give him a call though I suspect that I'll just have to pay the £75

Harvey's_Dad

An update for anyone interested:

I wrote a letter to my solicitor explaining the situation to him, also saying that whatever the reason for this he must have had my mortgage money over the weekend and could I please have the interest he'd earned on it.

After a significant delay he has just responded, apologising and he enclosed a cheque for my £75!

It was worth following up after all! :j

Fairdo_2

Harvey's_Dad wrote:

An update for anyone interested:

I wrote a letter to my solicitor explaining the situation to him, also saying that whatever the reason for this he must have had my mortgage money over the weekend and could I please have the interest he'd earned on it.

After a significant delay he has just responded, apologising and he enclosed a cheque for my £75!

It was worth following up after all! :j

Beat me to it, as I was going to suggest you ask your solicitor when funds reached them and if you could have your share of the interest if applicable. It may have been that they have earned a little more on their account, as they were very prompt in paying you the £75 you had spent. However, it could be the other way round and they are making a gesture.

Well done on your persistancy anyway.

Sometimes it is safer for solicitors to request funds a day or 2 early to avoid possible mistakes (as they do happen!!!!) and it can be very messy if funds along the chain have been recieved by a purchasers solicitor from below on the chain, but it misses cut off to reach sellers solicitors. This (rarely, but) does happen.

Some lenders insist on 5 working days notice from solicitor to release funds and they can (even more rare) be a bit too efficient.