Mortgage funds release not confirmed

jolester · 10 April 2018 at 4:37PM

Hi

Could someone please advise if the below is normal?

We are edging closer to exchange and completion (hopefully!) Our buyers apparently need confirmation by 4pm tomorrow that our mortgage funds are going to be released (ready for a ((fingers crossed)) Friday completion) as they are cash buyers and they need to pass this confirmation on (to someone, not sure who, husband has had the phone call), however, our lender (Accord) is saying that they can't confirm that the funds will be released (they were requested last Thursday)

Are both elements of this normal? The cash buyer needing proof of of mortgage being released and the mortgage company not providing proof?!?!?!

Thanks

Slithery · 10 April 2018 at 4:40PM

How long do you have planned between exchange and completion?

This is one of the reasons that it's sensible to have at least a couple of weeks gap between the two.

jolester · 10 April 2018 at 4:49PM

No particular length of time, I've only ever bought twice, the first time I had time to move in as I was living in rented and had a crossover with rental and purchase, and it was so long ago I can't remember anything about exchange and completion dates, and the second time we exchanged and completed on the same day with no issue (again, no real chain, FTB moving into ours and the people we bought off moving a couple of doors down into an empty property)

This time around the people moving into ours are cash buyers and aren't selling their current property and according to them aren't planning on bring much with them apart from a couple of suitcases, and we're moving into a non probate empty property (Not sure if any of that is relevant?!)

davidmcn · 10 April 2018 at 4:49PM

jolester wrote: »

Are both elements of this normal? The cash buyer needing proof of of mortgage being released and the mortgage company not providing proof?!?!?!

The second element isn't normally provided because the first element is a weird question.

If you're happy to exchange then that in itself ought to be evidence that you're satisfied you'll have funds in time for completion. Has your solicitor asked Accord to send the money for tomorrow?

Slithery · 10 April 2018 at 4:51PM

You must have something planned as you say you are hoping to complete on Friday.

Completion date is set at exchange so you will have had to have negotiated this with the rest of the chain before exchange can happen.

jolester · 10 April 2018 at 4:58PM

Yes, all three parties have planned on completing on Friday but none of the parties have said they require any particular length of time between exchange and completion. No one other than me and my husband have anything to organise or move.

kingstreet · 10 April 2018 at 5:06PM

What does your solicitor say?

They have (presumably) submitted the Certificate of Title to Accord and they will be receiving notifications and instructions from Accord as the solicitor is acting for Accord as well as for you...?

jolester · 10 April 2018 at 6:25PM

They apparently requested funds last thurs and said it was unusual they hadnt received confirmation of the request so they'd send them an email today... I'm wondering whether this "sending an email" is actually the first request and they'd forgotten...? Sorry to be pessimistic but you get fed so much BS through this whole process it's hard to know what to believe

Thrugelmir · 10 April 2018 at 6:35PM

Who asked for simultaneous exchange and completion?

jolester · 10 April 2018 at 10:28PM

No one has asked for it, we all would just like to complete this Friday ideally so if the last few things takes it to a simultaneous exchange and complete no one minds

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Mortgage funds release not confirmed

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